President & CEO, SVB at SVB Financial Group
Yeah. Jennifer, I'll start with the question on the private bank. First off, I feel very good about the platform we now have in SVB Private. When you look at the team of people we brought on board and when you look at the new hires we're bringing on board, the quality. When you look on the breadth of capabilities, so from my standpoint, the -- the opportunity has, is at least as good, if not stronger than I originally thought. One of the things I would say we're probably underestimated on I'll say my part is capacity. And so when you think of, when we brought Boston Private onboard, right, their advisors, their teams were already fully, fully leveraged.
And so we, I would say we probably hoped for more capacity, but look with market volatility and everything else, people are spending a lot of time with clients, which is exactly what you would -- exactly what you'd want. So, our focus is on attracting -- attracting talent and that's where I am feeling really good. We've got a great team already. And when you look at the people we brought onboard in the fourth quarter, when you look on the people that are in the pipeline to come onboard and that we're in the middle of negotiating with, I feel incredibly positive about that. And then the last part is the feedback we're getting from our clients in the market about having this capability and that's also very positive. So, I would say underestimation of my part about capacity, but the feeling about the potential and the opportunity is stronger than originally thought.
Second question on SVB Securities. Yeah, we have some additional hiring to do, but I just want to first pause on the fact that I feel incredibly positive about the people that we've added. Well, the original platform that we acquired with Leerink Partners, let's just start with that and then the team of people we brought onboard and that is in both healthcare services, the technology and the team that we brought on leveraged finance, feedback from market, the pipeline, deal wins, et cetera, have been been extraordinary.
Now your follow-up question maybe, well if you feel so good about it, why was first quarter soft. So, let me answer it. I think anyone that has a capital market business right now would clearly agree that the softness in the IPO market, capital markets, equity capital markets has been exceptionally stark [Phonetic]. 85% decline from the fourth quarter. So, what's positive. Positive is, we're still signing up deals, we're signing up new opportunities for companies to go public and when that market starts to open up and M&A is strong.
And so I am -- I feel very bullish about the team of people, I feel very bullish about our capabilities and when you combine the strength of the commercial bank that we have under Mike's leadership, the Private Bank and the Investment Bank, that's really why this concept of One SVB, all working together is again, while you probably hear it in our voices, very, very positive as we think about the balance of '22 and into '23, '24 et cetera.