Key facts
- Bank of America spends over $250 million annually on GLP-1 weight-loss drugs for employees.
- CEO Brian Moynihan considers the spending a worthwhile investment in employee health.
- Ed Liu, vice chairman of technology and global head of software at Bank of America, has resigned.
- Ed Liu joined Bank of America in early 2024.
- Ed Liu previously worked at Morgan Stanley.
- Ed Liu plans to join a competitor.
- The company's spending covers GLP-1 weight-loss drugs.
Bank of America is making a significant annual investment in employee health, with CEO Brian Moynihan disclosing that the company spends over $250 million each year on GLP-1 weight-loss drugs. Moynihan characterized this substantial expenditure as a worthwhile investment in the health and well-being of the company's workforce. This focus on employee health benefits comes as the financial institution navigates other personnel changes within its technology division.