bloodletting // noun [U]

1

(usually used in newspapers) a situation where a company removes lots of employees from their jobs because of serious financial problems:

In the first round of bloodletting, 17 000 will lose their jobs.

2

(usually used in newspapers) a situation where the prices of shares on the stock exchange decrease by a large amount:

The bloodletting on Wall Street continues as investors rush to sell their stocks.

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