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Verb: retrench  ri'trench
  1. Tighten one's belt; use resources carefully
  2. Make a reduction, as in one's workforce
    "The company had to retrench"

Derived forms: retrenched, retrenches, retrenching

Type of: bring down, conserve, cut, cut back, cut down, economise [Brit], economize, husband, reduce, trim, trim back, trim down