Bond Trader, first of all, like others, I am sorry to hear the bad news.
Even though you are relatively new here, I always enjoy reading your posts. It just so happens that I have a background that might give you some useful perspective in this situation. I work in defense, and have spent the majority of my career in the defense industry. The Clinton administration was a particularly bad time in the industry as the nation took a holiday from history and our national defense was systemically weakened. The entire industry experienced a lot of downsizing, and layoffs were endemic everywhere. Yet whether I was working as an FTE or a consultant, I survived countless layoffs. It is from this vantage point that I'd like to give you a little advice.
First of all, it's important to understand the macro environment of your industry and the micro environment of the company you work for. Pay attention to who is doing what and if it looks like the long term trend for your company is down, prepare to take advantage of any opportunities that arise with stronger players in the industry. Even though the financial sector is hemorrhaging, there are opportunities created as the playing field changes.
Secondly, what I am about to say is far easier to say than to do, but doing it is still important. Try to set aside the normal human emotions of fear, uncertainty and doubt. Uncertainty about your own future can break your concentration and cause your work quality to suffer. Filling in gaps as people you depended on disappear through layoffs and resignations makes day-to-day work much more difficult. But just keep in mind that you weren't laid off today for a reason. Though you may or may not be able to prevent your company from going under, performing well in the current environment can ensure that you are one of the last to be considered for a layoff. Not only that, but as the playing field within your organization is changed, certain opportunities present themselves in the form of crises that must be addressed. If you can maintain your head and make the best of the situation, not only will you drop far down the "next-to-go" list, but you can rise up the corporate ladder at the same time.
Uncertainty is never easy on anyone. But there are things going on right now that you simply can't control. Don't worry about the things you can't control and focus on controlling the things that you can control and things will usually work out for the best.