That's a corporation's word for "We don't want to sound heartless, like we're putting hundreds of people out of work, so we're saying that we're 'downsizing'." The only word more insulting to people who have lost their jobs is "rightsized".

And they didn't get FIRED. Being fired means you were lost your job because you did something wrong. Being downsized means that you were the victim of a corporate merger or that the powers-that-be want to falsely portray profits by showing an improved bottom line.