management 2019s discussion and analysis institutional client services our institutional client services segment is comprised of : fixed income , currency and commodities client execution .includes client execution activities related to making markets in interest rate products , credit products , mortgages , currencies and commodities .we generate market-making revenues in these activities in three ways : 2030 in large , highly liquid markets ( such as markets for u.s .treasury bills or certain mortgage pass-through certificates ) , we execute a high volume of transactions for our clients for modest spreads and fees .2030 in less liquid markets ( such as mid-cap corporate bonds , growth market currencies or certain non-agency mortgage-backed securities ) , we execute transactions for our clients for spreads and fees that are generally somewhat larger .2030 we also structure and execute transactions involving customized or tailor-made products that address our clients 2019 risk exposures , investment objectives or other complex needs ( such as a jet fuel hedge for an airline ) .given the focus on the mortgage market , our mortgage activities are further described below .our activities in mortgages include commercial mortgage- related securities , loans and derivatives , residential mortgage-related securities , loans and derivatives ( including u.s .government agency-issued collateralized mortgage obligations , other prime , subprime and alt-a securities and loans ) , and other asset-backed securities , loans and derivatives .we buy , hold and sell long and short mortgage positions , primarily for market making for our clients .our inventory therefore changes based on client demands and is generally held for short-term periods .see notes 18 and 27 to the consolidated financial statements for information about exposure to mortgage repurchase requests , mortgage rescissions and mortgage-related litigation .equities .includes client execution activities related to making markets in equity products and commissions and fees from executing and clearing institutional client transactions on major stock , options and futures exchanges worldwide , as well as over-the-counter transactions .equities also includes our securities services business , which provides financing , securities lending and other prime brokerage services to institutional clients , including hedge funds , mutual funds , pension funds and foundations , and generates revenues primarily in the form of interest rate spreads or fees .the table below presents the operating results of our institutional client services segment. .
[['in millions', 'year ended december 2013', 'year ended december 2012', 'year ended december 2011'], ['fixed income currency and commodities client execution', '$ 8651', '$ 9914', '$ 9018'], ['equities client execution1', '2594', '3171', '3031'], ['commissions and fees', '3103', '3053', '3633'], ['securities services', '1373', '1986', '1598'], ['total equities', '7070', '8210', '8262'], ['total net revenues', '15721', '18124', '17280'], ['operating expenses', '11782', '12480', '12837'], ['pre-tax earnings', '$ 3939', '$ 5644', '$ 4443']]
1 .in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business .net revenues related to the americas reinsurance business were $ 317 million for 2013 , $ 1.08 billion for 2012 and $ 880 million for 2011 .see note 12 to the consolidated financial statements for further information about this sale .2013 versus 2012 .net revenues in institutional client services were $ 15.72 billion for 2013 , 13% ( 13 % ) lower than 2012 .net revenues in fixed income , currency and commodities client execution were $ 8.65 billion for 2013 , 13% ( 13 % ) lower than 2012 , reflecting significantly lower net revenues in interest rate products compared with a solid 2012 , and significantly lower net revenues in mortgages compared with a strong 2012 .the decrease in interest rate products and mortgages primarily reflected the impact of a more challenging environment and lower activity levels compared with 2012 .in addition , net revenues in currencies were slightly lower , while net revenues in credit products and commodities were essentially unchanged compared with 2012 .in december 2013 , we completed the sale of a majority stake in our european insurance business and recognized a gain of $ 211 million .50 goldman sachs 2013 annual report .

Question: for 2013 , operating expenses were what percent of pre-tax earnings?
Answer: 299%