What happens to the finance industry during a recession?

In title. With recent concerns surrounding inflation and debt, I'm curious what parts of the financial services industry is most at risk when a recession hits? What divisions or roles get cut first? Which roles usually survive? Would love to hear some stories from more experienced folks who have lived through recessions in our time. 

 

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"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 

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