Weight-loss drugs are costing Bank of America more than a quarter of a million dollars a year.
CEO Brian Moynihan said that the more than $250 million is a worthwhile investment in benefits for his more than 210,000 employees.
“We see a great impact on employees,” he told CNBC on Wednesday at the Aspen Economic Strategy Group annual meeting, noting that the bank has other health initiatives. The firm’s annual healthcare budget is around $2 billion.
As Moynihan sees it, the payoff is in short- and long-term health benefits, like a reduced risk of heart disease. He said that though some people might leave Bank of America before benefiting from the medication, “it’s still the right thing to do.” The firm, he added, is working to get the drugs as cheaply as possible, especially now that the medication is available as pills.
Not all employers have adopted the same strategy. Only 36% of companies cover GLP-1 costs for diabetes and weight loss, according to a 2026 survey from the International Foundation of Employee Benefit Plans. Some big employers, including PwC, have reportedly stopped covering the drugs for weight loss.
Yet GLP-1s are transforming more than corporate budgets. Business Insider’s Juliana Kaplan recently reported on how employers are grappling with demand for GLP-1s, as well as the HR nightmares arising from the drug’s prevalence among employees. Some Americans who rely on the drugs have struggled to pay after changes in their insurance, creating a precarious balancing act between financial and physical health.
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