Lomas & Nettleton Financial Corp. will cut...

Lomas & Nettleton Financial Corp. will cut 20% of the personnel in its mortgage banking division by the end of March, the Dallas-based diversified financial services company said. After this second restructuring in a year, the unit’s payroll will number 2,150, down from 3,600 at its 1987 peak. Other major cutbacks include the discontinuance of its depressed home-building operations in Texas, producing a non-recurring $93-million charge to net income in the quarter ending March 31, which it expects to produce a $55-million net loss for the fiscal year ending June 30.