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English definition of “bloodletting”

bloodletting

noun [U]     /ˈblʌdˌletɪŋ/
informal WORKPLACE a process in which a company with financial problems gets rid of a lot of employees at the same time: Twenty-five senior employees were fired in the latest round of bloodletting.
STOCK MARKET a period of time during which shares lose a lot of their value: Wall Street prepared itself for a week of bloodletting as stock market conditions continued to worsen.
(Definition of bloodletting noun from the Cambridge Business English Dictionary © Cambridge University Press)
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