An axe is a tool used for cutting wood. It consists of a heavy metal blade which is sharp at one edge and attached by its other edge to the end of a long handle.
VERB
解雇;裁减;削减;撤销
If someone's job or something such as a public service or a television programme is axed, it is ended suddenly and without discussion.
If a person or institution is facing the axe, that person is likely to lose their job or that institution is likely to be closed, usually in order to save money.