management 2019s discussion and analysis the table below presents the operating results of our institutional client services segment. .
[['in millions', 'year ended december 2012', 'year ended december 2011', 'year ended december 2010'], ['fixed income currency and commodities client execution', '$ 9914', '$ 9018', '$ 13707'], ['equities client execution1', '3171', '3031', '3231'], ['commissions and fees', '3053', '3633', '3426'], ['securities services', '1986', '1598', '1432'], ['total equities', '8210', '8262', '8089'], ['total net revenues', '18124', '17280', '21796'], ['operating expenses', '12480', '12837', '14994'], ['pre-tax earnings', '$ 5644', '$ 4443', '$ 6802']]
1 .includes net revenues related to reinsurance of $ 1.08 billion , $ 880 million and $ 827 million for the years ended december 2012 , december 2011 and december 2010 , respectively .2012 versus 2011 .net revenues in institutional client services were $ 18.12 billion for 2012 , 5% ( 5 % ) higher than 2011 .net revenues in fixed income , currency and commodities client execution were $ 9.91 billion for 2012 , 10% ( 10 % ) higher than 2011 .these results reflected strong net revenues in mortgages , which were significantly higher compared with 2011 .in addition , net revenues in credit products and interest rate products were solid and higher compared with 2011 .these increases were partially offset by significantly lower net revenues in commodities and slightly lower net revenues in currencies .although broad market concerns persisted during 2012 , fixed income , currency and commodities client execution operated in a generally improved environment characterized by tighter credit spreads and less challenging market-making conditions compared with 2011 .net revenues in equities were $ 8.21 billion for 2012 , essentially unchanged compared with 2011 .net revenues in securities services were significantly higher compared with 2011 , reflecting a gain of approximately $ 500 million on the sale of our hedge fund administration business .in addition , equities client execution net revenues were higher than 2011 , primarily reflecting significantly higher results in cash products , principally due to increased levels of client activity .these increases were offset by lower commissions and fees , reflecting lower market volumes .during 2012 , equities operated in an environment generally characterized by an increase in global equity prices and lower volatility levels .the net loss attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $ 714 million ( $ 433 million and $ 281 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2012 , compared with a net gain of $ 596 million ( $ 399 million and $ 197 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2011 .during 2012 , institutional client services operated in an environment generally characterized by continued broad market concerns and uncertainties , although positive developments helped to improve market conditions .these developments included certain central bank actions to ease monetary policy and address funding risks for european financial institutions .in addition , the u.s .economy posted stable to improving economic data , including favorable developments in unemployment and housing .these improvements resulted in tighter credit spreads , higher global equity prices and lower levels of volatility .however , concerns about the outlook for the global economy and continued political uncertainty , particularly the political debate in the united states surrounding the fiscal cliff , generally resulted in client risk aversion and lower activity levels .also , uncertainty over financial regulatory reform persisted .if these concerns and uncertainties continue over the long term , net revenues in fixed income , currency and commodities client execution and equities would likely be negatively impacted .operating expenses were $ 12.48 billion for 2012 , 3% ( 3 % ) lower than 2011 , primarily due to lower brokerage , clearing , exchange and distribution fees , and lower impairment charges , partially offset by higher net provisions for litigation and regulatory proceedings .pre-tax earnings were $ 5.64 billion in 2012 , 27% ( 27 % ) higher than 2011 .2011 versus 2010 .net revenues in institutional client services were $ 17.28 billion for 2011 , 21% ( 21 % ) lower than 2010 .net revenues in fixed income , currency and commodities client execution were $ 9.02 billion for 2011 , 34% ( 34 % ) lower than 2010 .although activity levels during 2011 were generally consistent with 2010 levels , and results were solid during the first quarter of 2011 , the environment during the remainder of 2011 was characterized by broad market concerns and uncertainty , resulting in volatile markets and significantly wider credit spreads , which contributed to difficult market-making conditions and led to reductions in risk by us and our clients .as a result of these conditions , net revenues across the franchise were lower , including significant declines in mortgages and credit products , compared with 2010 .54 goldman sachs 2012 annual report .

Question: what is the growth rate in pre-tax earnings in 2011?
Answer: -34.7%