The only problem is our workload is tightly linked to regulatory requirements, so it became a question of "Sure, which conditions of our regulatory approvals would you like us to deliberately fail to comply with? Bearing in mind that 'wilful non-compliance' may attract criminal prosecution..."
It turned out "less with less" meant "do the same workload, but fire 20% of the staff and farm the work out to external consultants at twice the hourly rate".