the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis 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 , some of which are consolidated , directly and indirectly through funds and separate accounts that we manage , in debt securities and loans , public and private equity securities , and real estate entities . the table below presents the operating results of our investing & lending segment. .
what percentage of total net revenues in the investing & lending segment is attributable to equity securities in 2014?
1 . net revenues related to our consolidated investments , previously reported in other net revenues within investing & lending , are now reported in equity securities and debt securities and loans , as results from these activities ( $ 391 million for 2015 ) are no longer significant principally due to the sale of metro in the fourth quarter of 2014 . reclassifications have been made to previously reported amounts to conform to the current presentation . 2015 versus 2014 . net revenues in investing & lending were $ 5.44 billion for 2015 , 20% ( 20 % ) lower than 2014 . this decrease was primarily due to lower net revenues from investments in equities , principally reflecting the sale of metro in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance . in addition , net revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments . although net revenues in investing & lending for 2015 benefited from favorable company-specific events , including sales , initial public offerings and financings , a decline in global equity prices and widening high-yield credit spreads during the second half of the year impacted results . concern about the outlook for the global economy continues to be a meaningful consideration for the global marketplace . if equity markets continue to decline or credit spreads widen further , net revenues in investing & lending would likely continue to be negatively impacted . operating expenses were $ 2.40 billion for 2015 , 15% ( 15 % ) lower than 2014 , due to lower depreciation and amortization expenses , primarily reflecting lower impairment charges related to consolidated investments , and a reduction in expenses related to the sale of metro in the fourth quarter of 2014 . pre-tax earnings were $ 3.03 billion in 2015 , 24% ( 24 % ) lower than 2014 . 2014 versus 2013 . net revenues in investing & lending were $ 6.83 billion for 2014 , 3% ( 3 % ) lower than 2013 . net revenues from investments in equity securities were lower due to a significant decrease in net gains from investments in public equities , as movements in global equity prices during 2014 were less favorable compared with 2013 , as well as significantly lower net revenues related to our consolidated investments , reflecting a decrease in operating revenues from commodities-related consolidated investments . these decreases were partially offset by an increase in net gains from investments in private equities , primarily driven by company-specific events . net revenues from debt securities and loans were higher than 2013 , reflecting a significant increase in net interest income , primarily driven by increased lending , and a slight increase in net gains , primarily due to sales of certain investments during 2014 . during 2014 , net revenues in investing & lending generally reflected favorable company-specific events , including initial public offerings and financings , and strong corporate performance , as well as net gains from sales of certain investments . operating expenses were $ 2.82 billion for 2014 , 5% ( 5 % ) higher than 2013 , reflecting higher compensation and benefits expenses , partially offset by lower expenses related to consolidated investments . pre-tax earnings were $ 4.01 billion in 2014 , 8% ( 8 % ) lower than 2013 . 64 goldman sachs 2015 form 10-k .