downsize

verb

1. (intransitive)To reduce in size or number.

   “Joe and Edna moved to a bungalow after deciding to downsize when the children had left home.”

   “The company chose to downsize by laying off half of its workers.”

   “Class 108 DMU LO257 awaits departure from Manchester Victoria on June 19 1991. Possessing 16 platforms in the 1960s, the station was significantly downsized in the early 1990s and today just six platforms remain.”

   “While some of these moves will be prompted by, for instance, releasing equity to help children get on the property ladder, David Fell, Hamptons' senior analyst, says many will probably be downsizing to reduce mortgage payments to a more manageable level.”

2. (transitive)To reduce the workforce of.

   “They downsized the division by offering attractive early-retirement packages and selling off an office building.”

3. (euphemistic, transitive)To terminate the employment of.

   “Joe got downsized and became a plumber.”