In brief

Customer service workers at the Sallie Mae student lending and loan processing center in Hanover Township were let go Friday as part of a companywide reduction of 2,500 workers.

A spokeswoman for Sallie Mae confirmed the layoffs of 100 people that were the result of the changes the federal government made to the student lending program and included in the health care reform package.

U.S. Rep. Paul Kanjorski, D-Nanticoke, who supported the health care reform legislation, said he is working with the U.S. Department of Education to create a program to keep the former Sallie Mae employees working in Northeastern Pennsylvania.

BofA shares take hit

Bank of America Corp. shares took a jolt Friday after the bank’s second-quarter earnings report revealed revenue struggles in many of its divisions and raised concerns about the fallout from financial regulatory reform.

The nation’s biggest bank by assets on Friday posted second-quarter earnings of $2.8 billion, counting preferred dividend payments, up 15 percent from $2.4 billion a year earlier. Total revenue fell 11 percent from the year-ago period to $29.2 billion.

The Charlotte-based bank said the results were boosted by lower loan losses — which improved for a fourth consecutive quarter — and the sale of non-core assets.

Tesla, Toyota go electric

Tesla Motors Inc. and Toyota Motor Corp. plan to develop an electric version of the RAV4 SUV that would go on sale in the U.S. two years from now.

The venture is the first project announced by the companies since Toyota purchased about 3 percent of Tesla for $50 million earlier this year.

The automakers are already testing a prototype of the vehicle. Toyota is providing the body and other major components, and Tesla is contributing its battery system and electric power train.

Previously, Toyota has made a limited number of electric RAV4 autos, but never commercialized the vehicle.

Weekly rig count rises

The number of rigs actively exploring for oil and natural gas in the U.S. increased by four this week to 1,571.

Baker Hughes Inc. said Friday that 979 rigs were exploring for natural gas and 580 for oil. Twelve were listed as miscellaneous. A year ago this week, the rig count stood at 920.

Of the major oil- and gas-producing states, Oklahoma gained five, Colorado gained three and North Dakota gained one. California, Pennsylvania and New Mexico each gained two.

Germany, China ink deals

Chinese and German companies signed deals worth billions of dollars to make trucks and power equipment as the prime ministers declared their countries’ economies had recovered from last year’s global recession.

German Chancellor Angela Merkel brought the heads of major German corporations with her on a four-day visit to China, underscoring the business ties between the two export powerhouses.