brokerage and asset management brokerage and asset management ( bam ) , which constituted approximately 6% ( 6 % ) of citi holdings by assets as of december 31 , 2009 , consists of citi 2019s global retail brokerage and asset management businesses . this segment was substantially affected and reduced in size in 2009 due to the divestitures of smith barney ( to the morgan stanley smith barney joint venture ( mssb jv ) ) and nikko cordial securities . at december 31 , 2009 , bam had approximately $ 35 billion of assets , which included $ 26 billion of assets from the 49% ( 49 % ) interest in the mssb jv ( $ 13 billion investment and $ 13 billion in loans associated with the clients of the mssb jv ) and $ 9 billion of assets from a diverse set of asset management and insurance businesses of which approximately half will be transferred into the latam rcb during the first quarter of 2010 , as discussed under 201cciti holdings 201d above . morgan stanley has options to purchase citi 2019s remaining stake in the mssb jv over three years starting in 2012 . the 2009 results include an $ 11.1 billion gain ( $ 6.7 billion after-tax ) on the sale of smith barney . in millions of dollars 2009 2008 2007 % (  % ) change 2009 vs . 2008 % (  % ) change 2008 vs . 2007 .
nm not meaningful 2009 vs . 2008 revenues , net of interest expense increased 80% ( 80 % ) versus the prior year mainly driven by the $ 11.1 billion pretax gain on the sale ( $ 6.7 billion after-tax ) on the mssb jv transaction in the second quarter of 2009 and a $ 320 million pretax gain on the sale of the managed futures business to the mssb jv in the third quarter of 2009 . excluding these gains , revenue decreased primarily due to the absence of smith barney from may 2009 onwards and the absence of fourth-quarter revenue of nikko asset management , partially offset by an improvement in marks in retail alternative investments . revenues in the prior year include a $ 347 million pretax gain on sale of citistreet and charges related to the settlement of auction rate securities of $ 393 million pretax . operating expenses decreased 64% ( 64 % ) from the prior year , mainly driven by the absence of smith barney and nikko asset management expenses , re- engineering efforts and the absence of 2008 one-time expenses ( $ 0.9 billion intangible impairment , $ 0.2 billion of restructuring and $ 0.5 billion of write- downs and other charges ) . provisions for loan losses and for benefits and claims decreased 15% ( 15 % ) mainly reflecting a $ 50 million decrease in provision for benefits and claims , partially offset by increased reserve builds of $ 28 million . assets decreased 40% ( 40 % ) versus the prior year , mostly driven by the sales of nikko cordial securities and nikko asset management ( $ 25 billion ) and the managed futures business ( $ 1.4 billion ) , partially offset by increased smith barney assets of $ 4 billion . 2008 vs . 2007 revenues , net of interest expense decreased 21% ( 21 % ) from the prior year primarily due to lower transactional and investment revenues in smith barney , lower revenues in nikko asset management and higher markdowns in retail alternative investments . operating expenses increased 16% ( 16 % ) versus the prior year , mainly driven by a $ 0.9 billion intangible impairment in nikko asset management in the fourth quarter of 2008 , $ 0.2 billion of restructuring charges and $ 0.5 billion of write-downs and other charges . provisions for loan losses and for benefits and claims increased $ 65 million compared to the prior year , mainly due to a $ 52 million increase in provisions for benefits and claims . assets increased 4% ( 4 % ) versus the prior year. .
In millions of dollars 2009 2008 2007 % Change 2009 vs. 2008 % Change 2008 vs. 2007
Net interest revenue $432 $1,224 $908 (65)% 35%
Non-interest revenue 14,703 7,199 9,751 NM (26)
Total revenues, net of interest expense $15,135 $8,423 $10,659 80% (21)%
Total operating expenses $3,350 $9,236 $7,960 (64)% 16%
Net credit losses $3 $10 $— (70)% —
Credit reserve build/(release) 36 8 4 NM 100%
Provision for unfunded lending commitments (5) — — — —
Provision for benefits and claims $155 $205 $154 (24)% 33%
Provisions for loan losses and for benefits and claims $189 $223 $158 (15)% 41%
Income (loss) from continuing operations before taxes $11,596 $(1,036) $2,541 NM NM
Income taxes (benefits) 4,489 (272) 834 NM NM
Income (loss) from continuing operations $7,107 $(764) $1,707 NM NM
Net income (loss) attributable to noncontrolling interests 12 (179) 35 NM NM
Net income (loss) $7,095 $(585) $1,672 NM NM
EOP assets(in billions of dollars) $35 $58 $56 (40)% 4%
EOP deposits(in billions of dollars) 60 58 46 3 26
in millions of dollars 2009 2008 2007 % (  % ) change 2009 vs . 2008 % (  % ) change 2008 vs . 2007
net interest revenue $ 432 $ 1224 $ 908 ( 65 ) % (  % ) 35% ( 35 % )
non-interest revenue 14703 7199 9751 nm -26 ( 26 )
total revenues net of interest expense $ 15135 $ 8423 $ 10659 80% ( 80 % ) ( 21 ) % (  % )
total operating expenses $ 3350 $ 9236 $ 7960 ( 64 ) % (  % ) 16% ( 16 % )
net credit losses $ 3 $ 10 $ 2014 ( 70 ) % (  % ) 2014
credit reserve build/ ( release ) 36 8 4 nm 100% ( 100 % )
provision for unfunded lending commitments -5 ( 5 ) 2014 2014 2014 2014
provision for benefits and claims $ 155 $ 205 $ 154 ( 24 ) % (  % ) 33% ( 33 % )
provisions for loan losses and for benefits and claims $ 189 $ 223 $ 158 ( 15 ) % (  % ) 41% ( 41 % )
income ( loss ) from continuing operations before taxes $ 11596 $ -1036 ( 1036 ) $ 2541 nm nm
income taxes ( benefits ) 4489 -272 ( 272 ) 834 nm nm
income ( loss ) from continuing operations $ 7107 $ -764 ( 764 ) $ 1707 nm nm
net income ( loss ) attributable to noncontrolling interests 12 -179 ( 179 ) 35 nm nm
net income ( loss ) $ 7095 $ -585 ( 585 ) $ 1672 nm nm
eop assets ( in billions of dollars ) $ 35 $ 58 $ 56 ( 40 ) % (  % ) 4% ( 4 % )
eop deposits ( in billions of dollars ) 60 58 46 3 26