Bank of America CEO Says The Company Spends $250 Million A Year on GLP-1 Drugs for Their Employees. He Calls It a Good Investment
Bank of America is spending more than $250 million annually to cover GLP-1 weight loss medications for its workforce, betting that costly obesity treatments will ultimately pay off through healthier employees and lower long-term healthcare costs.
Speaking with CNBC on Wednesday, Bank of America CEO Brian Moynihan said the company has dramatically increased its investment in medications such as Novo Nordisk’s Ozempic and Wegovy and Eli Lilly’s Zepbound, which have become some of the most sought-after prescription drugs in the United States for treating obesity and diabetes.
“We spend about $250 million or more on GLPs, and that’s up from zero” four or five years ago, Moynihan told CNBC’s Andrew Ross Sorkin. “We see a great impact on the employees.”
The Charlotte, North Carolina-based bank allocates more than $2 billion annually for healthcare benefits covering its approximately 211,000 employees. According to figures shared by Moynihan, GLP-1 medications now account for roughly 13% of the company’s total healthcare spending, highlighting how rapidly demand for the drugs has grown.
Across corporate America, employers have wrestled with whether to continue covering weight loss drugs as utilization has surged. Treatments including Ozempic, Wegovy and Zepbound can cost thousands of dollars per patient each year, prompting some companies and public employers to eliminate coverage for obesity treatment or impose stricter eligibility requirements.
Bank of America has taken a different approach. Rather than limiting access, the bank combines coverage for GLP-1 medications with health coaching programs that help employees manage weight loss, improve nutrition and make long-term lifestyle changes. Moynihan said the strategy is already producing measurable results among workers.
“It’s been fascinating to watch our teammates’ behavior on these adjustments, the loss of weight,” he said. Moynihan acknowledged that not every employee who benefits from the medications will remain at Bank of America long enough for the company to fully realize future healthcare savings. Even so, he described the investment as part of a broader effort to provide meaningful employee benefits while improving workforce health.
The CEO also pointed to emerging research suggesting that GLP-1 drugs may provide benefits beyond weight reduction. Recent clinical studies have linked the medications to lower rates of cardiovascular events and other obesity-related complications, potentially reducing healthcare costs sooner than previously expected.
The bank’s strategy reflects a broader debate playing out among U.S. employers. According to a July survey by the International Foundation of Employee Benefit Plans, 36% of employers now provide coverage for GLP-1 medications for both diabetes and weight loss.
That figure is slightly higher than the 34% reported in 2024 but remains unchanged from 2025, suggesting many organizations continue to weigh the financial burden against the potential health benefits.
The survey also found that GLP-1 drugs accounted for 11.4% of employers’ annual healthcare claims in 2026, up sharply from 6.9% just three years earlier, underscoring how quickly spending on the medications has climbed.
Drugmakers Eli Lilly and Novo Nordisk have intensified efforts to expand employer coverage, viewing workplace insurance as a critical pathway for broader adoption of their blockbuster obesity treatments.
Earlier this year, Lilly introduced a new employer-focused program allowing companies to purchase a multi-dose version of Zepbound at a net price of $449 per month across all dosage levels, offering businesses greater flexibility in designing prescription benefits.
