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. .

year ended december 2014: fixed income currency and commodities client execution: 8461
equities client execution1: 2079
commissions and fees: 3153
securities services: 1504
total equities: 6736
total net revenues: 15197
operating expenses: 10880
pre-tax earnings: 4317
year ended december 2013: fixed income currency and commodities client execution: 8651
equities client execution1: 2594
commissions and fees: 3103
securities services: 1373
total equities: 7070
total net revenues: 15721
operating expenses: 11792
pre-tax earnings: 3929
year ended december 2012: fixed income currency and commodities client execution: 9914
equities client execution1: 3171
commissions and fees: 3053
securities services: 1986
total equities: 8210
total net revenues: 18124
operating expenses: 12490
pre-tax earnings: 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 .

Questions:
what was the pre-tax earnings at the end of 2014?
what was the pre-tax earnings at the end of 2013?
what is the net difference?
what was the pre-tax earnings at the end of 2013?
what was the percent change year over year?

Answers:
4317
3929
388
3929
10%