in the current climate of mergers and downsizing 
(ROOT (PP (IN in) (NP (NP (DT the) (JJ current) (NN climate)) (PP (IN of) (NP (NNS mergers) (CC and) (NN downsizing))))))
(ROOT (PP (IN ) (NP (NP (DT ) (JJ ) (NN )) (PP (IN ) (NP (NNS ) (CC ) (NN ))))))