Fear mongering around the job market is nothing new. The people getting jobs aren't bragging about their success, so all of that chatter is coming from the folks who are struggling.
I graduated college during the great recession, so it's hard to rattle me (that's not a flex, it's just real - where are my millennials at??).
It's a good idea to save up a little money just in case you want to take a job that pays a little less. However, in all likelihood, you'll be fine. Try to think creatively of some different industries where your skillets would be valued but the market might be a little less crowded. Like everyone is going to be going for banking jobs, but there are so many other industries out there where your experience would be valued. There are a lot of people who aren't taking the basic steps required to get a job now (like customizing your resume and cover letter, for example). The career-transition service WF provides is really useful if you take advantage of it. If you're applying to random stuff that isn't a great fit, you probably will hear crickets. But if you apply strategically and thoughtfully, you'll boost your odds exponentially.
You got this!!! Get that severance, collect unemployment.