ZURICH (Reuters) – The head of Credit Suisse’s Swiss division said “some customers have withdrawn some of their money, but very few have actually closed their accounts.”

Last week, Switzerland’s second-largest bank said it expected losses of up to CHF 1.5 billion before tax ($1.6 billion) in the fourth quarter and reported that wealthy clients had withdrawn large amounts, resulting in significant a drop in liquidity and violation of certain regulatory restrictions.

The announcement crashed the bank’s share price and raised the cost of protecting Credit Suisse’s debt from default.

“In our Swiss division of the bank, customer assets have stabilized and we have lost a total of 1% of our asset base,” Andre Helfenstein said in an interview published on Sunday by the Swiss newspaper SonntagsZeitung.

Several options have been proposed that Credit Suisse could use to get back on track. Helfenstein said that separating the bank’s Swiss business from its international business is “absolutely not an option.”

He also said the sale of the private banking and asset management division was “not on the table either.”

(Lev Schellerer and Chen Lin)