It'll get even worse. Mortgage applications fell to a 22-year low last month, the management is reacting right now. If they raise interest rates for two additional percent (they will have to in order to tame inflation) you'll be looking at 7% or 8% mortgage rates. Nobody will be buying houses at current valuations/prices and those rates. Either prices have to come down (people will not drop prices, they will simply not sell) or the interest rates need to come down (fed cannot do that as that would reintroduce the inflation). Now we in a difficult position.
More layoffs to come.
Expect commercial banking to be affected as well, again, if we are talking about very high interest rates, people will stay away from loans.
It's very, very bad for employees.