experienced BB S&T -> non-market -> Quant Funds (?)

Hi,
Till recently I was an Index/ETF derivatives trader for an European BB for 5y (+5y in structuring before that) trading quantitative investment strategies and options. Cost cutting at BB and I find myself out of a markets related job for a year now.
So, need some advice on my future options -

Plan A ) Banks S&T are sinking so want to look forward - quant trading/research at quant funds is the direction I am looking. I have an undergrad deg in Comp Sc from a top school (+ MBA in Fin) . Used some math while BB trading. And now getting a good grip on python/R/math required in Machine Learning/data science. I know quant fund are saturated with PhDs for quant trader/researcher roles. Any ideas on how to navigate this landscape ? Any advice from experienced guys/ppl in quant funds as to how to get a foot in the door ? Also, a more macro question from insiders - will that sort of move be a progressive step at all ?

Plan B) Pursuing a masters in Machine Learning/Statistics/Data Science - do some industry relevant projects and then try to get a foot on the door in Quant HF space ? ML/data science could possibly open other industries/roles for me.

Any advice will be much appreciated.

Thanks