Just found out that I'm being laid off

Why are you taking up internships after graduating?

This is not equivalent to being laid off. It's just that you didn't get PPO; No company is obligated to convert an intern to a FTE no matter what the performance is. To increase your chances at a full time role apply to similar cos (Wells Fargo, BofA, JPMC, Barclays, NAB, Natwest etc.) and consulting cos. Get over the current situation as quickly as possible, don't dwell on it and look at the next steps. Good luck!

Something similar.... sharing my experience below, I joined X Company in January through our campus placement program, which promised both an internship and a full-time role. From the start, I was fully immersed in my work, receiving positive feedback from both the Product Manager and General Manager. I learned a great deal and was genuinely enjoying my job. In May, I had a one-on-one review with my General Manager, which was very positive. It seemed almost certain that I would be offered a full-time position. Earlier this month, I also received full marks for our capstone project, which further boosted my confidence. However, things took an unexpected turn last week. Most of the interns in the business team were let go, and on Monday, the same happened with the product team, including me. It was quite a shock, especially since I had been working late into Saturday night sharing my work with the Product Manager, only to be fired on Monday morning. While I am not saddened by the firing itself, I do feel tricked by the situation. After accepting the intern + FTE offer, we were not allowed to participate in other campus placements, which limited our options. Now, I am actively looking for new opportunities in the fields of product management and consultancy.

Welcome to corporate world! No matter how good you are you can be replaced

Hi buddy, yes I did know the news 2 weeks back regarding the Freeze, This may continue at least till November before they may start the next Hiring cycle. I don't think we can do much internally in MS mainly because it's somewhat of a rigid org. I would suggest applying for similar companies such as JP, GS, wells Fargo etc. You have higher chances of getting a job from there.

If your managers/colleagues really like you then you should ask for an extension of internship with an understanding as and when the hiring freeze goes away, you will get a full time role

Try to make the best of what you've already got for the road ahead. See if they can refer you elsewhere and also document recommendation letters. Make sure they keep you in their good books, if things turn out better, they could hire you again someday. Otherwise, see if you can reach out to alums or find any connections. I know it's easier said than done but all the best anyway.