Please answer the given financial question based on the context.
Context: 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 . 2030 interest rate products . government bonds , money market instruments such as commercial paper , treasury bills , repurchase agreements and other highly liquid securities and instruments , as well as interest rate swaps , options and other derivatives . 2030 credit products . investment-grade corporate securities , high-yield securities , credit derivatives , bank and bridge loans , municipal securities , emerging market and distressed debt , and trade claims . 2030 mortgages . 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 . 2030 currencies . most currencies , including growth-market currencies . 2030 commodities . crude oil and petroleum products , natural gas , base , precious and other metals , electricity , coal , agricultural and other commodity products . 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 otc 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 2014|year ended december 2013|year ended december 2012|
|fixed income currency and commodities client execution|$ 8461|$ 8651|$ 9914|
|equities client execution1|2079|2594|3171|
|commissions and fees|3153|3103|3053|
|securities services|1504|1373|1986|
|total equities|6736|7070|8210|
|total net revenues|15197|15721|18124|
|operating expenses|10880|11792|12490|
|pre-tax earnings|$ 4317|$ 3929|$ 5634|
1 . net revenues related to the americas reinsurance business were $ 317 million for 2013 and $ 1.08 billion for 2012 . in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business . 42 goldman sachs 2014 annual report .
Question: what was the percentage change in pre-tax earnings for the institutional client services segment between 2012 and 2013?


Answer: The answer is:-0.30263