management 2019s discussion and analysis j.p . morgan chase & co . 22 j.p . morgan chase & co . / 2003 annual report overview j.p . morgan chase & co . is a leading global finan- cial services firm with assets of $ 771 billion and operations in more than 50 countries . the firm serves more than 30 million consumers nationwide through its retail businesses , and many of the world's most prominent corporate , institutional and government clients through its global whole- sale businesses . total noninterest expense was $ 21.7 billion , down 5% ( 5 % ) from the prior year . in 2002 , the firm recorded $ 1.3 billion of charges , princi- pally for enron-related surety litigation and the establishment of lit- igation reserves ; and $ 1.2 billion for merger and restructuring costs related to programs announced prior to january 1 , 2002 . excluding these costs , expenses rose by 7% ( 7 % ) in 2003 , reflecting higher per- formance-related incentives ; increased costs related to stock-based compensation and pension and other postretirement expenses ; and higher occupancy expenses . the firm began expensing stock options in 2003 . restructuring costs associated with initiatives announced after january 1 , 2002 , were recorded in their relevant expense categories and totaled $ 630 million in 2003 , down 29% ( 29 % ) from 2002 . the 2003 provision for credit losses of $ 1.5 billion was down $ 2.8 billion , or 64% ( 64 % ) , from 2002 . the provision was lower than total net charge-offs of $ 2.3 billion , reflecting significant improvement in the quality of the commercial loan portfolio . commercial nonperforming assets and criticized exposure levels declined 42% ( 42 % ) and 47% ( 47 % ) , respectively , from december 31 , 2002 . consumer credit quality remained stable . earnings per diluted share ( 201ceps 201d ) for the year were $ 3.24 , an increase of 305% ( 305 % ) over the eps of $ 0.80 reported in 2002 . results in 2002 were provided on both a reported basis and an operating basis , which excluded merger and restructuring costs and special items . operating eps in 2002 was $ 1.66 . see page 28 of this annual report for a reconciliation between reported and operating eps . summary of segment results the firm 2019s wholesale businesses are known globally as 201cjpmorgan , 201d and its national consumer and middle market busi- nesses are known as 201cchase . 201d the wholesale businesses com- prise four segments : the investment bank ( 201cib 201d ) , treasury & securities services ( 201ctss 201d ) , investment management & private banking ( 201cimpb 201d ) and jpmorgan partners ( 201cjpmp 201d ) . ib provides a full range of investment banking and commercial banking products and services , including advising on corporate strategy and structure , capital raising , risk management , and market-making in cash securities and derivative instruments in all major capital markets . the three businesses within tss provide debt servicing , securities custody and related functions , and treasury and cash management services to corporations , financial institutions and governments . the impb business provides invest- ment management services to institutional investors , high net worth individuals and retail customers and also provides person- alized advice and solutions to wealthy individuals and families . jpmp , the firm 2019s private equity business , provides equity and mez- zanine capital financing to private companies . the firm 2019s national consumer and middle market businesses , which provide lending and full-service banking to consumers and small and middle mar- ket businesses , comprise chase financial services ( 201ccfs 201d ) . financial performance of jpmorgan chase as of or for the year ended december 31 .

Table: ( in millions except per share and ratio data ) 2003 2002 change revenue $ 33256 $ 29614 12% ( 12 % ) noninterest expense 21688 22764 -5 ( 5 ) provision for credit losses 1540 4331 -64 ( 64 ) net income 6719 1663 304 net income per share 2013 diluted 3.24 0.80 305 average common equity 42988 41368 4 return on average common equity ( 201croce 201d ) 16% ( 16 % ) 4% ( 4 % ) 1200bp tier 1 capital ratio 8.5% ( 8.5 % ) 8.2% ( 8.2 % ) 30bp total capital ratio 11.8 12.0 -20 ( 20 ) tier 1 leverage ratio 5.6 5.1 50

in 2003 , global growth strengthened relative to the prior two years . the u.s . economy improved significantly , supported by diminishing geopolitical uncertainties , new tax relief , strong profit growth , low interest rates and a rising stock market . productivity at u.s . businesses continued to grow at an extraor- dinary pace , as a result of ongoing investment in information technologies . profit margins rose to levels not seen in a long time . new hiring remained tepid , but signs of an improving job market emerged late in the year . inflation fell to the lowest level in more than 40 years , and the board of governors of the federal reserve system ( the 201cfederal reserve board 201d ) declared that its long-run goal of price stability had been achieved . against this backdrop , j.p . morgan chase & co . ( 201cjpmorgan chase 201d or the 201cfirm 201d ) reported 2003 net income of $ 6.7 bil- lion , compared with net income of $ 1.7 billion in 2002 . all five of the firm 2019s lines of business benefited from the improved eco- nomic conditions , with each reporting increased revenue over 2002 . in particular , the low 2013interest rate environment drove robust fixed income markets and an unprecedented mortgage refinancing boom , resulting in record earnings in the investment bank and chase financial services . total revenue for 2003 was $ 33.3 billion , up 12% ( 12 % ) from 2002 . the investment bank 2019s revenue increased by approximately $ 1.9 billion from 2002 , and chase financial services 2019 revenue was $ 14.6 billion in 2003 , another record year. .

Question: what was non-interest expense as a percentage of revenue in 2002?
Answer: 77%
Calculation: divide(22764, 29614)
Explanation: looking at this ratio for a financial institution like a bank demonstrates the leverage or lack of leverage the operations has on profitability .