'axer' originates from English noun 'axe' (also spelled 'ax'), formed by adding the agentive suffix '-er' to mean 'one who uses an axe'.

'axe' itself comes from Old English 'æx' (also 'eax'), ultimately from a Proto-Germanic root meaning 'axe'; the agent noun 'axer' arose in modern English by productive use of '-er' and has been used literally and later figuratively (20th century onward) to describe people who cut staff or budgets.

Initially it meant 'one who wields an axe' (literal). Over time, especially in modern business and journalism, it also came to mean 'one who makes cuts' (figurative), e.g., to fire employees or reduce spending.