Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.


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. . <table class='wikitable'><tr><td>1</td><td>in millions</td><td>year ended december 2012</td><td>year ended december 2011</td><td>year ended december 2010</td></tr><tr><td>2</td><td>icbc</td><td>$ 408</td><td>$ -517 ( 517 )</td><td>$ 747</td></tr><tr><td>3</td><td>equity securities ( excluding icbc )</td><td>2392</td><td>1120</td><td>2692</td></tr><tr><td>4</td><td>debt securities and loans</td><td>1850</td><td>96</td><td>2597</td></tr><tr><td>5</td><td>other</td><td>1241</td><td>1443</td><td>1505</td></tr><tr><td>6</td><td>total net revenues</td><td>5891</td><td>2142</td><td>7541</td></tr><tr><td>7</td><td>operating expenses</td><td>2666</td><td>2673</td><td>3361</td></tr><tr><td>8</td><td>pre-tax earnings/ ( loss )</td><td>$ 3225</td><td>$ -531 ( 531 )</td><td>$ 4180</td></tr></table> 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 .
Question: in the year of 2012, what percentage of the total net revenues were due to equity securities ( excluding icbc ) revenues?

0.40604