1. Choose font. Make sure B and A are in different layer. Since you are doing in photoshop. Make sure to rasterize them.

2. Cut a section of B and a section of A.

3. Use pen tool create that "slash". If don't know pen tool, use the oval shape make an oval and cut the bottom half. elongate the half oval. Rotate till you get the angle u want and join them to the letters

4. arrange and you are done

actually, it's been a while since I touched Photoshop but hope this gives you the idea.