Key facts
- Bank of America spends more than $250 million annually on GLP-1 weight-loss drugs for its employees.
- CEO Brian Moynihan considers the spending a worthwhile investment in employee health.
- The bank's total annual healthcare budget is around $2 billion.
- Moynihan highlighted potential health benefits such as reduced risk of heart disease.
- Bank of America is seeking to acquire the drugs at the lowest possible cost.
Bank of America is spending more than $250 million annually on GLP-1 weight-loss drugs for its employees, according to CEO Brian Moynihan. He described the expenditure as a worthwhile investment in employee health benefits, noting potential long-term advantages like reduced heart disease risk. The bank's total annual healthcare budget stands at approximately $2 billion.
Moynihan stated that while some employees might leave the company before fully benefiting from the medication, it remains the right course of action. Bank of America is actively working to secure these drugs at the lowest possible prices, particularly with the advent of pill-based formulations.
This approach contrasts with other employers; a 2026 survey indicated that only 36% of companies cover GLP-1 costs for diabetes and weight loss. Some major employers, including PwC, have reportedly ceased coverage for weight-loss purposes, highlighting a varied corporate response to the growing demand and associated HR challenges of these medications.