management 2019s discussion and analysis net revenues in equities were $ 8.26 billion for 2011 , 2% ( 2 % ) higher than 2010 . during 2011 , average volatility levels increased and equity prices in europe and asia declined significantly , particularly during the third quarter . the increase in net revenues reflected higher commissions and fees , primarily due to higher market volumes , particularly during the third quarter of 2011 . in addition , net revenues in securities services increased compared with 2010 , reflecting the impact of higher average customer balances . equities client execution net revenues were lower than 2010 , primarily reflecting significantly lower net revenues in shares . the net gain attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $ 596 million ( $ 399 million and $ 197 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2011 , compared with a net gain of $ 198 million ( $ 188 million and $ 10 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2010 . institutional client services operated in an environment generally characterized by increased concerns regarding the weakened state of global economies , including heightened european sovereign debt risk , and its impact on the european banking system and global financial institutions . these conditions also impacted expectations for economic prospects in the united states and were reflected in equity and debt markets more broadly . in addition , the downgrade in credit ratings of the u.s . government and federal agencies and many financial institutions during the second half of 2011 contributed to further uncertainty in the markets . these concerns , as well as other broad market concerns , such as uncertainty over financial regulatory reform , continued to have a negative impact on our net revenues during 2011 . operating expenses were $ 12.84 billion for 2011 , 14% ( 14 % ) lower than 2010 , due to decreased compensation and benefits expenses , primarily resulting from lower net revenues , lower net provisions for litigation and regulatory proceedings ( 2010 included $ 550 million related to a settlement with the sec ) , the impact of the u.k . bank payroll tax during 2010 , as well as an impairment of our nyse dmm rights of $ 305 million during 2010 . these decreases were partially offset by higher brokerage , clearing , exchange and distribution fees , principally reflecting higher transaction volumes in equities . pre-tax earnings were $ 4.44 billion in 2011 , 35% ( 35 % ) lower than 2010 . investing & lending investing & lending includes our investing activities and the origination of loans to provide financing to clients . these investments and loans are typically longer-term in nature . we make investments , directly and indirectly through funds that we manage , in debt securities and loans , public and private equity securities , real estate , consolidated investment entities and power generation facilities . the table below presents the operating results of our investing & lending segment. .

year ended december 2012: icbc: 408
equity securities ( excluding icbc ): 2392
debt securities and loans: 1850
other: 1241
total net revenues: 5891
operating expenses: 2666
pre-tax earnings/ ( loss ): 3225
year ended december 2011: icbc: -517
equity securities ( excluding icbc ): 1120
debt securities and loans: 96
other: 1443
total net revenues: 2142
operating expenses: 2673
pre-tax earnings/ ( loss ): -531
year ended december 2010: icbc: 747
equity securities ( excluding icbc ): 2692
debt securities and loans: 2597
other: 1505
total net revenues: 7541
operating expenses: 3361
pre-tax earnings/ ( loss ): 4180

2012 versus 2011 . net revenues in investing & lending were $ 5.89 billion and $ 2.14 billion for 2012 and 2011 , respectively . during 2012 , investing & lending net revenues were positively impacted by tighter credit spreads and an increase in global equity prices . results for 2012 included a gain of $ 408 million from our investment in the ordinary shares of icbc , net gains of $ 2.39 billion from other investments in equities , primarily in private equities , net gains and net interest income of $ 1.85 billion from debt securities and loans , and other net revenues of $ 1.24 billion , principally related to our consolidated investment entities . if equity markets decline or credit spreads widen , net revenues in investing & lending would likely be negatively impacted . operating expenses were $ 2.67 billion for 2012 , essentially unchanged compared with 2011 . pre-tax earnings were $ 3.23 billion in 2012 , compared with a pre-tax loss of $ 531 million in 2011 . goldman sachs 2012 annual report 55 .

Questions:
in the year of 2012, what percentage of the total net revenues were due to equity securities ( excluding icbc ) revenues?
and what was that percentage representation in the previous year, in 2011?

Answers:
41%
52%