above) increased 10% compared to 2010 expenses from operations of $6.18 billion ($6.84 billion net of $666 million, composed of a $7 million tax on bonus payments to employees in the U. K. , a $414 million securities lending charge and $245 million of acquisition and restructuring costs).
The increase mainly resulted from increases in compensation and employee benefits expenses from merit adjustments and acquisitions, and higher levels of professional services expenses.
In 2011, we secured mandates for approximately $1.41 trillion in assets to be serviced; of the total, $1.14 trillion was installed prior to December 31, 2011, with the remaining $270 billion expected to be installed in 2012.
The new business not installed by December 31, 2011 was not included in assets under custody and administration at that date, and had no impact on servicing fee revenue for 2011, as the assets are not included until their installation is complete and we begin to service them.
Once installed, the assets generate servicing fee revenue in subsequent periods.
We will provide various services for these assets including accounting, fund administration, custody, foreign exchange, securities finance, transfer agency, performance analytics, compliance reporting and monitoring, hedge fund servicing, private equity administration, real estate administration, depository banking services, wealth management services and investment manager operations outsourcing.
CONSOLIDATED RESULTS OF OPERATIONS This section discusses our consolidated results of operations for 2011 compared to 2010, and should be read in conjunction with the consolidated financial statements and accompanying notes included under Item 8.
A comparison of consolidated results of operations for 2010 with those for 2009 is provided under “Comparison of 2010 and 2009” in this Management’s Discussion and Analysis.
## Table 0 ##
Our broad range of services generates fee revenue and net interest revenue.
Fee revenue generated by our investment servicing and investment management businesses is augmented by trading services, securities finance and processing fees and other revenue.
We earn net interest revenue from client deposits and short-term investment activities by providing deposit services and short-term investment vehicles, such as repurchase agreements and commercial paper, to meet clients’ needs for high-grade liquid investments, and investing these sources of funds and additional borrowings in assets yielding a higher rate.
Fee Revenue Servicing and management fees collectively composed approximately 74% of our total fee revenue for 2011 and 73% for 2010.
The level of these fees is influenced by several factors, including the mix and volume of assets under custody and administration and assets under management, securities positions held and the volume of portfolio transactions, and the types of products and services used by clients, and are generally affected by changes in worldwide equity and fixed-income security valuations.
With respect to our business operations, we are standardizing certain core business processes, primarily through our execution of the State Street LEAN methodology, and driving automation of these business processes.
We are currently creating a new technology platform, including transferring certain core software applications to a private cloud, and have expanded our use of service providers associated with components of our technology infrastructure and application maintenance and support.
We expect the transfer of core software applications to a private cloud to occur primarily in 2013 and 2014.
To implement this program, we expect to incur aggregate pre-tax restructuring charges of approximately $400 million to $450 million over the four-year period ending December 31, 2014.
To date, we have recorded aggregate restructuring charges of $289 million in our consolidated statement of income, composed of $156 million in 2010 and $133 million in 2011.
The following table presents the charges by type of cost:
## Table 1 ##
The employee-related costs included costs related to severance, benefits and outplacement services.
Real estate consolidation costs resulted from actions taken to reduce our occupancy costs through consolidation of leases and properties.
Information technology costs included transition fees related to the above-described expansion of our use of service providers.
In 2010, in connection with the program, we initiated the involuntary termination of 1,400 employees, or approximately 5% of our global workforce, which was substantially complete at the end of 2011.
In addition, in the third quarter of 2011, in connection with the expansion of our use of service providers associated with our information technology infrastructure and application maintenance and support, we identified 530 employees who will be provided with severance and outplacement services as their roles are eliminated.
As of December 31, 2011, in connection with the planned aggregate staff reductions of 1,930 employees described above, 1,332 employees had been involuntarily terminated and left State Street, including 782 employees in 2011.
In connection with our continued implementation of the business operations and information technology transformation program, we achieved approximately $86 million of annual pre-tax, run-rate expense savings in 2011 compared to 2010 run-rate expenses.
Excluding the expected aggregate restructuring charges of $400 million to $450 million described earlier, we expect the program to reduce our pre-tax expenses from operations, on an annualized basis, by approximately $575 million to $625 million by the end of 2014 compared to 2010, with the full effect realized in 2015.
Assuming all other things equal, we expect to achieve aggregate annual pre-tax expense savings of approximately $540 million by the end of 2014, for a total annual pre-tax expense savings of approximately $600 million to be realized in 2015.
We expect the business operations transformation component of the program to result in annual pre-tax expense savings of approximately $440 million in 2015, with the majority of these savings expected to be achieved by the end of 2013.
In addition, we expect the information technology transformation component of the program to result in annual pre-tax expense savings of approximately $160 million in 2015.
These annual pre-tax run-rate savings relate only to the business operations and information technology transformation program.
Our actual operating expenses may increase or decrease as a result of other factors.
The majority of the annualized savings will affect compensation and employee benefits expenses; these savings will be modestly offset by increases in information systems and communications expenses as we implement the program.2011 Expense Control Measures During the fourth quarter of 2011, in connection with expense control measures designed to calibrate our expenses to our outlook for our capital markets-facing businesses in 2012, we took two actions.
First, we
securities and the resulting net unrealized losses as of December 31, 2011 to be temporary and not the result of any material changes in the credit characteristics of the securities.
Additional information about our assessment of impairment is provided in note 3 to the consolidated financial statements included under Item 8.
In late 2010, several major U. S.  financial institutions participated in a mortgage foreclosure moratorium with respect to residential mortgages.
While the moratorium has been lifted, the residential mortgage servicing environment remains challenging, and the timeline to liquidate distressed loans continues to extend.
The rate at which distressed residential mortgages are liquidated may affect, among other things, our investment securities portfolio.
Such effects could include the timing of cash flows or the credit quality associated with the mortgages collateralizing certain of our residential mortgage-backed securities, which, accordingly, could result in the recognition of additional other-than-temporary impairment in future periods.
Loans and Leases The following table presents U. S.  and non-U.
S.  loans and leases, by segment, and aggregate average loans and leases, as of and for the years ended December 31 (excluding the allowance for loan losses):
## Table 2 ##
Additional detail about these loan and lease segments, including underlying classes, is provided in note 4 to the consolidated financial statements included under Item 8.
The institutional segment is composed of the following classes: investment funds, commercial and financial, purchased receivables and lease financing.
Investment funds includes lending to mutual and other collective investment funds and short-duration advances to fund clients to provide liquidity in support of their transaction flows associated with securities settlement activities.
Commercial and financial includes lending to corporate borrowers, including broker/dealers.
Purchased receivables represents undivided interests in securitized pools of underlying third-party receivables added in connection with the 2009 conduit consolidation.
Lease financing includes our investment in leveraged lease financing.
As of December 31, 2011 and 2010, unearned income deducted from our investment in leveraged lease financing was $146 million and $168 million, respectively, for U. S.  leases and $381 million and $667 million, respectively, for non-U.
S.  leases.
Aggregate short-duration advances to our clients included in the institutional segment were $2.17 billion and $2.63 billion at December 31, 2011 and 2010, respectively.
The commercial real estate, or CRE, loans were acquired in 2008 pursuant to indemnified repurchase agreements with an affiliate of Lehman as a result of the Lehman Brothers bankruptcy.
These loans, which are primarily collateralized by direct and indirect interests in commercial real estate, were recorded at their thencurrent fair value, based on management’s expectations with respect to future cash flows from the loans using appropriate market discount rates as of the date of acquisition.
As of December 31, 2011 and 2010, we held an aggregate of approximately $199 million and $307 million, respectively, of CRE loans which were modified in troubled debt restructurings.
No impairment loss was recognized upon restructuring of the loans, as the discounted cash flows of the modified loans exceeded the carrying amount of the original loans as of the modification date.
No loans were modified in troubled debt restructurings in 2011.

Tables referenced above, in order (Table 0 first):
<table><tr><td> Years ended December 31,</td><td> 2011</td><td>2010</td><td> 2009</td><td>% Change 2010-2011</td></tr><tr><td> (Dollars in millions)</td><td></td><td></td><td></td><td></td></tr><tr><td>Fee revenue:</td><td></td><td></td><td></td><td></td></tr><tr><td>Servicing fees</td><td>$4,382</td><td>$3,938</td><td>$3,334</td><td>11%</td></tr><tr><td>Management fees</td><td>917</td><td>829</td><td>766</td><td>11</td></tr><tr><td>Trading services</td><td>1,220</td><td>1,106</td><td>1,094</td><td>10</td></tr><tr><td>Securities finance</td><td>378</td><td>318</td><td>570</td><td>19</td></tr><tr><td>Processing fees and other</td><td>297</td><td>349</td><td>171</td><td>-15</td></tr><tr><td>Total fee revenue</td><td>7,194</td><td>6,540</td><td>5,935</td><td>10</td></tr><tr><td>Net interest revenue:</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest revenue</td><td>2,946</td><td>3,462</td><td>3,286</td><td>-15</td></tr><tr><td>Interest expense</td><td>613</td><td>763</td><td>722</td><td>-20</td></tr><tr><td>Net interest revenue</td><td>2,333</td><td>2,699</td><td>2,564</td><td>-14</td></tr><tr><td>Gains (Losses) related to investment securities, net</td><td>67</td><td>-286</td><td>141</td><td></td></tr><tr><td>Total revenue</td><td>$9,594</td><td>$8,953</td><td>$8,640</td><td>7</td></tr></table>
<table><tr><td>(In millions)</td><td>Employee-Related Costs</td><td>Real Estate Consolidation</td><td>Information Technology Costs</td><td>Total</td></tr><tr><td>2010</td><td>$105</td><td>$51</td><td></td><td>$156</td></tr><tr><td>2011</td><td>85</td><td>7</td><td>$41</td><td>133</td></tr><tr><td>Total</td><td>$190</td><td>$58</td><td>$41</td><td>$289</td></tr></table>
<table><tr><td> (In millions)</td><td> 2011</td><td> 2010</td><td> 2009</td><td> 2008</td><td> 2007</td></tr><tr><td> Institutional:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S.</td><td>$7,115</td><td>$7,001</td><td>$6,637</td><td>$6,004</td><td>$9,798</td></tr><tr><td>Non-U.S.</td><td>2,478</td><td>4,192</td><td>3,571</td><td>2,327</td><td>6,004</td></tr><tr><td> Commercial real estate:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S.</td><td>460</td><td>764</td><td>600</td><td>800</td><td>—</td></tr><tr><td>Total loans and leases</td><td>$10,053</td><td>$11,957</td><td>$10,808</td><td>$9,131</td><td>$15,802</td></tr><tr><td>Average loans and leases</td><td>$12,180</td><td>$12,094</td><td>$9,703</td><td>$11,884</td><td>$10,753</td></tr></table>

Question: What's the current growth rate of securities finance? (in %)
Answer: 0.18868
Reasoning program: subtract(378,318), divide(#0,318)