Embattled Swiss bank UBS AG said that it would post a Q3 profit despite a $2.3bn loss from unauthorized trades discovered last month.  In addition to a “modest” profit, UBS said it continued to attract net new money to its wealth management operation in the quarter. The profit was derived from gains on the valuation of the bank’s own credit, sale of Treasury-related investments in the Swiss wealth management unit, and low tax charges.  Q3 results include the equivalent of $435mn in costs related to a corporate restructuring that includes the elimination of thousands of jobs. The bank said the cost-cutting program was “on track,” and that most employees whose jobs would be affected by the cuts have been informed. The bank plans to continue to invest in Asia, Latin America and its global wealth management operation. The welcomed announcement follows a turbulent 3rd quarter, which saw CEO Oswald Grübel resignation in September - a victim of the trading scandal that landed a mid-level employee in police custody, charged with fraud and false accounting. Interim CEO Sergio Ermotti, who's also head of Europe, the Middle East and Africa at UBS, pledged to continue with Mr. Grübel’s plan to shrink the investment banking operation and focus on wealth management.    [Dealbook, 10/4/11]