VERB (2)

1. tighten one's belt; use resources carefully;

2. make a reduction, as in one's workforce;
- Example: "The company had to retrench"

The Collaborative International Dictionary of English v.0.48:

Retrench \Re*trench"\, v. t. [imp. & p. p. Retrenched; p. pr.
   & vb. n. Retrenching.] [OF. retrenchier, F. retrancher;
   pref. re- re- + OF. trenchier, F. trancher, to cut. See
   Trench.]
   1. To cut off; to pare away.
      [1913 Webster]

            Thy exuberant parts retrench.         --Denham.
      [1913 Webster]

   2. To lessen; to abridge; to curtail; as, to retrench
      superfluities or expenses.
      [1913 Webster]

            But this thy glory shall be soon retrenched.
                                                  --Milton.
      [1913 Webster]

   3. To confine; to limit; to restrict. --Addison.
      [1913 Webster]

            These figures, ought they then to receive a
            retrenched interpretation?            --I. Taylor.
      [1913 Webster]

   4. (Fort.) To furnish with a retrenchment; as, to retrench
      bastions.
      [1913 Webster]

   Syn: To lesen; diminish; curtail; abridge.
        [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Retrench \Re*trench"\, v. i.
   To cause or suffer retrenchment; specifically, to cut down
   living expenses; as, it is more reputable to retrench than to
   live embarrassed.
   [1913 Webster]

WordNet (r) 3.0 (2006):

retrench
    v 1: tighten one's belt; use resources carefully
    2: make a reduction, as in one's workforce; "The company had to
       retrench"

Moby Thesaurus II by Grady Ward, 1.0:

132 Moby Thesaurus words for "retrench":
   abate, abbreviate, abrade, abridge, abstract, arrest, bate, bob,
   boil down, bridle, capsulize, check, clip, compress, condense,
   constrain, contain, contract, control, cool, cool off, crop, curb,
   curtail, curtail expenses, cut, cut back, cut corners, cut down,
   cut off short, cut short, damp, dampen, decelerate, decrease,
   deduct, deflate, depreciate, depress, derogate, detract, diminish,
   disparage, dock, dompt, downgrade, drain, eat away, elide, enjoin,
   epitomize, erode, extract, file away, foreshorten, govern, guard,
   hinder, hold, hold at bay, hold back, hold fast, hold in,
   hold in check, hold in leash, hold up, impair, inhibit, keep,
   keep back, keep from, keep in, keep in check, keep under control,
   lay under restraint, leach, lessen, lower, mow, nip, pare,
   pare down expenses, poll, pollard, prohibit, prune, pull, pull in,
   purify, reap, recap, recapitulate, reduce, refine, rein, rein in,
   remove, restrain, retard, roll back, rub away, scale down,
   set back, shave, shear, shorten, simplify, slash, slow down, snub,
   step down, straiten, stunt, subduct, subtract, sum up, summarize,
   synopsize, take a reef, take away, take from, take in, telescope,
   thin, thin out, trim, truncate, tune down, wear away, weed,
   withdraw, withhold