1st year analyst in a group that might get cut (Might be getting laid off)-- need advice

I'm a 1st year analyst with just under 6 months of experience in a product group, and a lower Tier BB.

I was recently staffed on a project to create the discussion materials for a meeting between our group head and the Global head of I-banking, where our group head is going to explain why the bank shouldn't cut our devision and all of us should keep our jobs.

I really like my team and until recently, we've been very well regarded within our firm and moderately well-regraded across the Street. The reason the bank is considering cutting our group is because of a office politics bull shit and not because we aren't bringing in enough revenue or anything like that.

I've heard that lay-offs happen all the time in banking and that when you have experience and don't require training its not too difficult to find a job at another bank when there are openings. But, as someone who has only been on the job for a few months so has relatively limited experience, I'm starting to get nervous about the prospects of having to look for jobs at other banks.

Sorry for the long, wordy post, but I'd really appreciate any advice that people can provide.