Laid off, what next?

Sorry to hear. Bulge bracket are not hiring sadly. But I heard the mid markets are Jeffries and Moelis have had spots recently. Honestly I would go on LinkedIn and network with headhunters. As soon as jobs come up, you want them to ping you first. Good luck!

Could probably get more useful advice if you add more context. What kind of firm / team were you at? What city?

Would take things as they come in chunks.

Immediate things:
1) Know what your severance package is and/or if it can be negotiated, at what point are you no longer part of the firm/on payroll and what will it say on your U5 for leaving or whatever it is in the US (for background check purposes).
2) Make the most of your benefits before they stop. Get free dental care? Hell, book that appointment now. You’ll thank yourself later.
3) Get a written reference from 1/2 seniors to show it wasn’t performance based if possible.

Shorter-term:
1) Actually have a break. Take a week or two out to reconnect with friends, family and everything else your job made you miss.
2) Brush up your CV and story.
3) Compile a list of industry and HH contacts to reach out to when ready.

Longer-term:
1) Figure what your savings and outgoings are and where to strip back spending. Keep things, like gym, in place as this will help keep you going physically and mentally (and actually help you perform better in recruiting).
2) Be open - can’t stress this enough. While you might have aimed to be in IB longer or go to a MF PE, be open to other careers, coverages, going back to college. Easier said than done though, I know.

This sucks but you’re not alone in this situation atm in a very bad job market. Just like many other seniors went through in the industry and they’re doing just fine now.

Are you getting RIF’d from UBS?

Given the timing of this post, and the context, I assume you were unfortunately one of those affected by the downsizing at HSBC.
Firstly; I am sorry this happened to you. Assuming your title is correct, it’s likely your first layoff. Let me tell you what you should do.

First, don’t freak out. It’s not an easy market right now but you’re going to want to update your resume asap so you can apply. Forget what most people are saying about taking a break, you NEED to apply asap everywhere. Nothing happens overnight. When you apply to place A, it might take them 2 weeks to even see your resume, so the sooner you apply the better.
Make a list of all the firms you’d want to work out, then make a goal. Each day, apply to x amount of jobs. Go through your list, applying to each place (banks, corporate positions, etc…). Go to LinkedIn and start applying like crazy. The first two weeks will be grueling, but once you apply to a good amount of jobs, you’ll be able to start relaxing a bit as you’re then playing the waiting game. After you applied to most of the jobs you’ll see, take some time to relax. It’s a grind but you can do it

Also. Collect unemployment the day after your official termination letter. No one knows when you will land on your feet, but the $504 in weekly unemployment will help.