the goldman sachs group , inc .and subsidiaries management 2019s discussion and analysis net revenues in equities were $ 7.83 billion for 2015 , 16% ( 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% ( 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% ( 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% ( 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. .
[['$ in millions', 'year ended december 2016', 'year ended december 2015', 'year ended december 2014'], ['equity securities', '$ 2573', '$ 3781', '$ 4579'], ['debt securities and loans', '1507', '1655', '2246'], ['total net revenues', '4080', '5436', '6825'], ['operating expenses', '2386', '2402', '2819'], ['pre-tax earnings', '$ 1694', '$ 3034', '$ 4006']]
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% ( 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% ( 44 % ) lower than 2015 .2015 versus 2014 .net revenues in investing & lending were $ 5.44 billion for 2015 , 20% ( 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 .goldman sachs 2016 form 10-k 63 .

Question: operating expenses were what multiple of pre-tax earnings in 2015?
Answer: 11.52