What is the meaning of downsizing?

noun

• The reduction of expenditures in order to become financially stable.
  • synonyms: retrenchment, curtailment

verb

• Dismiss from work.
  • usage: "three secretaries were downsized during the financial crisis"
  • synonyms: downsize
• Make in a smaller size.
  • usage: "the car makers downsized the SUVs when fuel became very expensive"
  • synonyms: downsize
• Reduce in size or number.
  • usage: "the company downsized its research staff"
  • synonyms: downsize