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.

Text: 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. . <table class='wikitable'><tr><td>1</td><td>$ in millions</td><td>year ended december 2014</td><td>year ended december 2013</td><td>year ended december 2012</td></tr><tr><td>2</td><td>fixed income currency and commodities client execution</td><td>$ 8461</td><td>$ 8651</td><td>$ 9914</td></tr><tr><td>3</td><td>equities client execution1</td><td>2079</td><td>2594</td><td>3171</td></tr><tr><td>4</td><td>commissions and fees</td><td>3153</td><td>3103</td><td>3053</td></tr><tr><td>5</td><td>securities services</td><td>1504</td><td>1373</td><td>1986</td></tr><tr><td>6</td><td>total equities</td><td>6736</td><td>7070</td><td>8210</td></tr><tr><td>7</td><td>total net revenues</td><td>15197</td><td>15721</td><td>18124</td></tr><tr><td>8</td><td>operating expenses</td><td>10880</td><td>11792</td><td>12490</td></tr><tr><td>9</td><td>pre-tax earnings</td><td>$ 4317</td><td>$ 3929</td><td>$ 5634</td></tr></table> 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 .
Question: what was the net change in pre-tax earnings for the institutional client services segment from 2012 to 2013?

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