$30.6 billion for Bank of America Corporation, $11.6 billion for Bank of America, N. A.  and $9.4 billion of other debt.
In December 2017, pursuant to a private offering, the Corporation exchanged $11.0 billion of outstanding long-term debt for new fixed/floating-rate senior notes, subject to certain terms and conditions.
Based on the attributes of the exchange transactions, the newly issued securities are not considered substantially different, for accounting purposes, from the exchanged securities.
Therefore, there was no impact to the Corporation’s results of operations as any amounts paid to debt holders were capitalized, and the premiums or discounts on the outstanding long-term debt were carried over to the new securities and will be amortized over their contractual lives using a revised effective interest rate.
## Table 0 ##
(1) Represents the total long-term debt included in the liabilities of consolidated VIEs on the Consolidated Balance Sheet.
Trust Preferred and Hybrid Securities Trust preferred securities (Trust Securities) are primarily issued by trust companies (the Trusts) that are not consolidated.
These Trust Securities are mandatorily redeemable preferred security obligations of the Trusts.
The sole assets of the Trusts generally are junior subordinated deferrable interest notes of the Corporation or its subsidiaries (the Notes).
The Trusts generally are 100 percent-owned finance subsidiaries of the Corporation.
Obligations associated with the Notes are included in the longterm debt table on page 168.
Certain of the Trust Securities were issued at a discount and may be redeemed prior to maturity at the option of the Corporation.
The Trusts generally have invested the proceeds of such Trust Securities in the Notes.
Each issue of the Notes has an interest rate equal to the corresponding Trust Securities distribution rate.
The Corporation has the right to defer payment of interest on the Notes at any time or from time to time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the relevant Notes.
During any such extension period, distributions on the Trust Securities will also be deferred, and the Corporation’s ability to pay dividends on its common and preferred stock will be restricted.
The Trust Securities generally are subject to mandatory redemption upon repayment of the related Notes at their stated maturity dates or their earlier redemption at a redemption price equal to their liquidation amount plus accrued distributions to the date fixed for redemption and the premium, if any, paid by the Corporation upon concurrent repayment of the related Notes.
Periodic cash payments and payments upon liquidation or redemption with respect to Trust Securities are guaranteed by the Corporation or its subsidiaries to the extent of funds held by the Trusts (the Preferred Securities Guarantee).
The Preferred Securities Guarantee, when taken together with the Corporation’s other obligations including its obligations under the Notes, generally will constitute a full and unconditional guarantee, on a subordinated basis, by the Corporation of payments due on the Trust Securities.
## Table 1 ##
The Regulated Transmission segment transmits electricity through transmission facilities owned and operated by ATSI, TrAIL, and certain of FirstEnergy's utilities (JCP&L, ME, PN, MP, PE and WP) and the regulatory asset associated with the abandoned PATH project.
The segment's revenues are primarily derived from rates that recover costs and provide a return on transmission capital investment.
Except for the recovery of the PATH abandoned project regulatory asset, these revenues are derived from transmission services provided pursuant to the PJM open access transmission tariff to LSEs.
Its results also reflect the net transmission expenses related to the delivery of electricity on FirstEnergy's transmission facilities.
The Competitive Energy Services segment, through FES and AE Supply, supplies electricity to end-use customers through retail and wholesale arrangements, including competitive retail sales to customers primarily in Ohio, Pennsylvania, Illinois, Michigan, New Jersey and Maryland, and the provision of partial POLR and default service for some utilities in Ohio, Pennsylvania and Maryland, including the Utilities.
This business segment currently controls approximately 14,000 MWs of capacity, including 885 MWs of capacity subject to RMR arrangements with PJM and excluding 1,476 MWs of generation capacity transferred to Regulated Distribution in connection with the Harrison and Pleasants asset swap that occurred on October 9, 2013.
This segment also purchases electricity to meet sales obligations.
The segment’s net income is primarily derived from electric generation sales less the related costs of electricity generation, including fuel, purchased power and net transmission (including congestion) and ancillary costs charged by PJM to deliver energy to the segment’s customers.
The Competitive Energy Services segment derives its revenues from the sale of generation to direct and governmental aggregation, POLR and wholesale customers.
The segment is exposed to various market and financial risks, including the risk of price fluctuations in the wholesale power markets.
Wholesale power prices may be impacted by the prices of other commodities, including coal and natural gas, and energy efficiency and demand response programs, as well as regulatory and legislative actions, such as MATS among other factors.
The segment attempts to mitigate the market risk inherent in its energy position by economically hedging its exposure and continuously monitoring various risk measurement metrics to ensure compliance with its risk management policies.
The Competitive Energy Services segment economically hedges exposure to price risk on a ratable basis, which is intended to reduce the near-term financial impact of market price volatility.
As of December 31, 2013, the percentage of expected physical sales economically hedged was 91% for 2014 (out of a 99 million MWH target).
As of December 31, 2013, committed sales for 2015 and 2016 are approximately 49 million MWHs and 27 million MWHs, respectively.
Other and Reconciling Adjustments contains corporate items and other businesses that are below the quantifiable threshold for separate disclosure as a reportable segment as well as reconciling adjustments for the elimination of intersegment transactions.
See Note 19, Segment Information, of the Combined Notes to Consolidated Financial Statements for further information on FirstEnergy's reportable operating segments.
FirstEnergy considers a variety of factors, including wholesale power prices, in its decision to operate, or not operate, a generating plant.
If wholesale power prices represent a lower cost option, FirstEnergy may elect to fulfill its load obligation through purchasing electricity in the wholesale market as opposed to operating a generating unit.
The effect of this decision on its results of operations would be to displace higher per unit fuel expense with lower per unit purchased power.
FirstEnergy engages in discussions with various commodity vendors, from time to time, regarding the impact that these and other actions may have on certain of its long-term agreements and FirstEnergy cannot provide assurance that these discussions will be satisfactorily resolved.
STRATEGY AND OUTLOOK FirstEnergy has taken a series of actions across the company to position itself for future growth.
This includes repositioning its asset mix to reflect a more regulated business profile.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Management’s Discussion and Analysis Net revenues in Equities were $7.83 billion for 2015, 16% higher than 2014.
Excluding a gain of $121 million ($30 million and $91 million included in equities client execution and securities services, respectively) in 2014 related to the extinguishment of certain of our junior subordinated debt, net revenues in Equities were 18% higher than 2014, primarily due to significantly higher net revenues in equities client execution across the major regions, reflecting significantly higher results in both derivatives and cash products, and higher net revenues in securities services, reflecting the impact of higher average customer balances and improved securities lending spreads.
Commissions and fees were essentially unchanged compared with 2014.
We elect the fair value option for certain unsecured borrowings.
The fair value net gain attributable to the impact of changes in our credit spreads on these borrowings was $255 million ($214 million and $41 million related to Fixed Income, Currency and Commodities Client Execution and equities client execution, respectively) for 2015, compared with a net gain of $144 million ($108 million and $36 million related to Fixed Income, Currency and Commodities Client Execution and equities client execution, respectively) for 2014.
Operating expenses were $13.94 billion for 2015, 28% higher than 2014, due to significantly higher net provisions for mortgage-related litigation and regulatory matters, partially offset by decreased compensation and benefits expenses.
Pre-tax earnings were $1.21 billion in 2015, 72% lower than 2014.
Investing & Lending Investing & Lending includes our investing activities and the origination of loans, including our relationship lending activities, to provide financing to clients.
These investments and loans are typically longer-term in nature.
We make investments, some of which are consolidated, directly and indirectly through funds that we manage, in debt securities and loans, public and private equity securities, infrastructure and real estate entities.
We also make unsecured loans to individuals through our online platform.
The table below presents the operating results of our Investing & Lending segment.
## Table 2 ##
Operating Environment.
Following difficult market conditions and the impact of a challenging macroeconomic environment on corporate performance, particularly in the energy sector, in the first quarter of 2016, market conditions improved during the rest of the year as macroeconomic concerns moderated.
Global equity markets increased during 2016, contributing to net gains from investments in public equities, and corporate performance rebounded from the difficult start to the year.
If macroeconomic concerns negatively affect corporate performance or company-specific events, or if global equity markets decline, net revenues in Investing & Lending would likely be negatively impacted.
Although net revenues in Investing & Lending for 2015 benefited from favorable company-specific events, including sales, initial public offerings and financings, a decline in global equity prices and widening high-yield credit spreads during the second half of 2015 impacted results.2016 versus 2015.
Net revenues in Investing & Lending were $4.08 billion for 2016, 25% lower than 2015.
This decrease was primarily due to significantly lower net revenues from investments in equities, primarily reflecting a significant decrease in net gains from private equities, driven by company-specific events and corporate performance.
In addition, net revenues in debt securities and loans were lower compared with 2015, reflecting significantly lower net revenues related to relationship lending activities, due to the impact of changes in credit spreads on economic hedges.
Losses related to these hedges were $596 million in 2016, compared with gains of $329 million in 2015.
This decrease was partially offset by higher net gains from investments in debt instruments and higher net interest income.
See Note 9 to the consolidated financial statements for further information about economic hedges related to our relationship lending activities.
Operating expenses were $2.39 billion for 2016, essentially unchanged compared with 2015.
Pre-tax earnings were $1.69 billion in 2016, 44% lower than 2015.2015 versus 2014.
Net revenues in Investing & Lending were $5.44 billion for 2015, 20% lower than 2014.
This decrease was primarily due to lower net revenues from investments in equities, principally reflecting the sale of Metro in the fourth quarter of 2014 and lower net gains from investments in private equities, driven by corporate performance.
In addition, net revenues in debt securities and loans were significantly lower, reflecting lower net gains from investments.
HOW WE SET OUR ASSUMPTIONS In selecting the discount rate, we consider fixed-income security yields, specifically high-quality bonds.
We also analyze the duration of plan liabilities and the yields for corresponding high-quality bonds.
At December 31, 2010, the discount rates for our various plans ranged from 4.55% to 5.60%.
In estimating the expected return on plan assets, we consider past performance and long-term future expectations for the types of investments held by the plan as well as the expected long-term allocation of plan assets to these investments.
At December 31, 2010, we reduced the expected return on plan assets to 8.00% from 8.25%.
In projecting the rate of compensation increase, we consider past experience and future expectations.
At December 31, 2010, we increased our projected weighted-average rate of compensation increase to 3.50% from 3.40%.
In selecting the rate of increase in the per capita cost of covered healthcare benefits, we consider past performance and forecasts of future healthcare cost trends.
At December 31, 2010, our assumed rate of increase in the per capita cost of covered healthcare benefits remained at 8.0% for 2011, decreasing each year until reaching 5.0% in 2017 and remaining level thereafter.
Changes to the assumptions listed above would have an impact on the projected benefit obligations, the accrued other postretirement benefit liabilities, and the annual net periodic pension and other postretirement benefit cost.
The following table reflects the favorable and unfavorable outcomes associated with a change in certain assumptions:

<table><tr><td>(Dollars in millions)</td><td>2018</td><td>2019</td><td>2020</td><td>2021</td><td>2022</td><td>Thereafter</td><td>Total</td></tr><tr><td>Bank of America Corporation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Senior notes</td><td>$19,577</td><td>$15,115</td><td>$10,580</td><td>$16,196</td><td>$9,691</td><td>$69,437</td><td>$140,596</td></tr><tr><td>Senior structured notes</td><td>2,749</td><td>1,486</td><td>950</td><td>437</td><td>2,017</td><td>7,821</td><td>15,460</td></tr><tr><td>Subordinated notes</td><td>2,973</td><td>1,552</td><td>—</td><td>375</td><td>476</td><td>20,686</td><td>26,062</td></tr><tr><td>Junior subordinated notes</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>3,835</td><td>3,835</td></tr><tr><td>Total Bank of America Corporation</td><td>25,299</td><td>18,153</td><td>11,530</td><td>17,008</td><td>12,184</td><td>101,779</td><td>185,953</td></tr><tr><td>Bank of America, N.A.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Senior notes</td><td>5,699</td><td>—</td><td>—</td><td>—</td><td>—</td><td>20</td><td>5,719</td></tr><tr><td>Subordinated notes</td><td>—</td><td>1</td><td>—</td><td>—</td><td>—</td><td>1,679</td><td>1,680</td></tr><tr><td>Advances from Federal Home Loan Banks</td><td>3,009</td><td>2,013</td><td>11</td><td>2</td><td>3</td><td>108</td><td>5,146</td></tr><tr><td>Securitizations and other Bank VIEs<sup>-1</sup></td><td>2,300</td><td>3,200</td><td>3,098</td><td>—</td><td>—</td><td>43</td><td>8,641</td></tr><tr><td>Other</td><td>51</td><td>194</td><td>15</td><td>—</td><td>9</td><td>163</td><td>432</td></tr><tr><td>Total Bank of America, N.A.</td><td>11,059</td><td>5,408</td><td>3,124</td><td>2</td><td>12</td><td>2,013</td><td>21,618</td></tr><tr><td>Other debt</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Structured liabilities</td><td>5,677</td><td>2,340</td><td>1,545</td><td>870</td><td>803</td><td>7,339</td><td>18,574</td></tr><tr><td>Nonbank VIEs<sup>-1</sup></td><td>22</td><td>45</td><td>—</td><td>—</td><td>—</td><td>1,165</td><td>1,232</td></tr><tr><td>Other</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>25</td><td>25</td></tr><tr><td>Total other debt</td><td>5,699</td><td>2,385</td><td>1,545</td><td>870</td><td>803</td><td>8,529</td><td>19,831</td></tr><tr><td>Total long-term debt</td><td>$42,057</td><td>$25,946</td><td>$16,199</td><td>$17,880</td><td>$12,999</td><td>$112,321</td><td>$227,402</td></tr></table>
<table><tr><td>Company</td><td>Area Served</td><td>Customers Served</td></tr><tr><td>OE</td><td>Central and Northeastern Ohio</td><td>1,034</td></tr><tr><td>Penn</td><td>Western Pennsylvania</td><td>161</td></tr><tr><td>CEI</td><td>Northeastern Ohio</td><td>745</td></tr><tr><td>TE</td><td>Northwestern Ohio</td><td>308</td></tr><tr><td>JCP&L</td><td>Northern, Western and East Central New Jersey</td><td>1,098</td></tr><tr><td>ME</td><td>Eastern Pennsylvania</td><td>556</td></tr><tr><td>PN</td><td>Western Pennsylvania</td><td>590</td></tr><tr><td>WP</td><td>Southwest, South Central and Northern Pennsylvania</td><td>720</td></tr><tr><td>MP</td><td>Northern, Central and Southeastern West Virginia</td><td>388</td></tr><tr><td>PE</td><td>Western Maryland and Eastern West Virginia</td><td>393</td></tr><tr><td></td><td></td><td>5,993</td></tr></table>
<table><tr><td></td><td>Year Ended December</td></tr><tr><td><i>$ in millions</i></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Equity securities</td><td>$2,573</td><td>$3,781</td><td>$4,579</td></tr><tr><td>Debt securities and loans</td><td>1,507</td><td>1,655</td><td>2,246</td></tr><tr><td>Total net revenues</td><td>4,080</td><td>5,436</td><td>6,825</td></tr><tr><td>Operating expenses</td><td>2,386</td><td>2,402</td><td>2,819</td></tr><tr><td>Pre-tax earnings</td><td>$1,694</td><td>$3,034</td><td>$4,006</td></tr></table>

Question: operating expenses were what multiple of pre-tax earnings in 2015?
Answer: 11.52066