Meaning of “retrench” in the English Dictionary

(Definition of “retrench” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"retrench" in Business English

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uk /ˌriːˈtrentʃ/ us

[ I ] MANAGEMENT, FINANCE if governments, companies, etc. retrench, they start spending less money, or reducing costs:

Some large corporate R&D departments have retrenched.
It's time to retrench and refocus on our key brands.
The company retrenched and cut staff in the face of the impending downturn.

[ T ] Australian English HR, WORKPLACE to remove a worker from their job as a way of reducing costs:

With the level of unemployment already so high, the thought of approximately 10,000 workers being retrenched is difficult to bear.
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(Definition of “retrench” from the Cambridge Business English Dictionary © Cambridge University Press)