Tip of the iceberg. The storm is coming.

(Reuters) -JPMorgan Chase & Co said on Wednesday it had started laying off employees in its mortgage business, as elevated inflation and rising mortgage rates slow the housing boom in the United States.

More than 1,000 employees will be affected and about half of them will be moved to different divisions within the bank, according to Bloomberg News, which first reported www.bloomberg.com/news/articles/2022-06-22/jpmorgan-lays-off-hundreds-in-mortgage-business-after-rate-surge the layoffs.

“Our staffing decision this week was a result of cyclical changes in the mortgage market,” a spokesperson for the biggest U.S. bank said.

money.usnews.com/investing/news/articles/2022-06-22/jpmorgan-lays-off-hundreds-in-mortgage-business-bloomberg-news#:~:text=JPMorgan%20Starts%20Cutting%20Jobs%20in%20Mortgage%20Unit%20as%20Homebuying%20Demand%20Cools,-By%20Reuters&text=June%2022,%202022,%20at%2011:20%20a.m.&text=(Reuters)%20-JPMorgan%20Chase%20&,boom%20in%20the%20United%20States.