Business Briefs: BofA, Goldman, others to cut more than 1,300

Bank of America and Goldman Sachs are among financial firms cutting more than 1,300 workers in an effort to trim expenses and match revenue as equity and bond trading slows.

Bank of America, the biggest U.S. bank, cut about 60 positions in its equity-sales and trading division this month, said two people with knowledge of the decision.

Goldman Sachs, the fifth-biggest U.S. bank by assets, plans to eliminate 230 jobs in New York starting in September, according to a filing the firm submitted to the state's Department of Labor.

Bank of America, based in Charlotte, sought to trim its least-productive employees around the world with its cuts, the sources said. The equities division employs about 2,500 globally, one of the people said.

Goldman Sachs, which didn't identify what kinds of jobs it will be eliminating between Sept. 26 and March 31, cited economic reasons for the cuts.

The firms join Barclays and Credit Suisse, which are cutting investment banking workers as they grapple with reduced revenue from buying and selling securities. Fixed-income trading revenue at U.S. banks probably dropped 30 percent in the second quarter from the previous three-month period, while equities trading fell 15 percent, Keith Horowitz, a Citigroup analyst, wrote in a report last week.

Bloomberg News

Local Yellow Cab to start Safe Ride Home program

Winston-Salem Yellow Cab will start its Safe Ride Home program today, said Ellis Houston, the company's president.

The goal is to prevent an impaired patron of one of the community's drinking establishments from making a bad decision about driving.

Houston said that West End Opera House, Tate's Craft Cocktails and 1001 Sports Pub have already signed on as participating establishments.

Here's how the program works: Impaired customers or the manager of a participating business will request that Yellow Cab send a cab to their location. Upon arrival, the taxi driver will get the customer's car keys and put them in an envelope.

Next, the driver will take customers home for free and give them their keys.

Houston said that the Safe Ride program was successfully used by Yellow Cab companies in Little Rock, Ark., in December 2008 and Birmingham, Ala., in 2009.

Fran Daniel

Firms plan Tanger Outlet Center near Houston

Tanger Factory Outlet Centers Inc., based in Greensboro, and Simon Property Group Inc. said Thursday that they will work on a joint venture to develop and build a Tanger Outlet Center south of Houston.

Tanger said the companies will jointly develop, build, lease and manage the center, which will be located 30 miles outside Houston in Texas City, Texas. Each company will own half of the venture.

Tanger said the center will include more than 90 brand-name and designer outlet stores and cover 350,000 square feet. It will be built on 55 acres and the companies plan to eventually expand the center by an additional 120,000 square feet.

Tanger, a real estate investment trust, said construction is expected to begin in July and the center is expected to open a year later. When it's completed, the center is expected to produce 900 full- and part-time jobs.

The Associated Press

Cook Medical accepting innovation nominees

Cook Medical is accepting applications for the third Cook Medical Innovation Award.

The company is looking for organizations, companies and individuals in the Forsyth County community with the most outstanding locally developed and novel technologies that positively affect society.

The deadline for nominations is Aug. 1. The award will be presented Nov. 30 at the Greater Winston-Salem Chamber of Commerce's annual meeting.

To apply, submit the nomination form, along with prototypes, images, videos or presentations — electrical or print — to: Cook Medical Innovation Award, Cook Medical, Attn: Helen Nifong, 4900 Bethania Station Road, Winston-Salem, N.C. 27105; or email Helen.Nifong@cookmedical.com. For a nomination form, visit www.winstonsalem.com/files/CookMedicalInnovationAward.pdf.

Fran Daniel

Corn crop 9 percent larger, USDA reports

U.S. food prices may ease now that farmers have planted the second-largest corn crop in nearly 70 years.

The size of this year's corn crop will be 92.3 million acres, the U.S. Agriculture Department said Thursday. That's 9 percent larger than the average annual corn crop over the past decade. The only crop bigger in the past 67 years was planted in 2007.

Many analysts had worried that wet weather this spring would cut the number of corn acres. But record-high prices are encouraging farmers to use more acres for corn and less for soybeans and wheat.

More expensive grain has led to food price increases this year. For all of 2011, the USDA predicts food prices will rise 3 percent to 4 percent.

A huge harvest in August could ultimately slow food inflation. It typically takes six months for changes in commodity prices to affect retail food prices in the U.S. Analysts say consumers could see some relief at the supermarket by early 2012.

The Associated Press

US Airways subsidiary to offer trust certificates

US Airways Inc., a subsidiary of US Airways Group Inc., said Thursday that it plans to make a $53 million offering of equipment trust certificates.

US Airways said it plans to use the proceeds from this offering for general corporate expenses.

This offering is subject to market and other conditions. It is an additional issuance from the company's Series 2010-1 series of enhanced equipment trust certificates that originally closed Dec. 21, 2010, with an offering of Class A certificates and Class B certificates.

The $53 million financing will consist of Class C certificates with an expected distribution date of Oct. 22, 2014. Goldman Sachs & Co. will be the structuring agent for the offering.

In other news, US Airways said Thursday that its flight dispatchers have voted to ratify a new four-year contract.

From wire reports