Bank of America CEO revealed: spending more than $250 million a year on weight-loss drugs for employees

Bank of America spends more than $250 million a year on funding GLP-1 weight-loss drugs for its employees, Bank CEO Brian Moynihan said in an interview with CNBC. According to him, the expenditure, which did not exist at all four or five years ago, has surged following the demand for treatments, but the bank views it as a worthwhile investment in the health of its employees.

The bank allocates more than $2 billion annually for health expenses for its 211,000 employees. According to the data provided by Moynihan, GLP-1 drugs alone — including medications such as Ozempic and Wegovy — currently account for about 13% of the bank's total health budget.

"We are spending about $250 million, and even more, on GLP-1 drugs compared to zero four or five years ago," Moynihan said. "We are seeing a significant impact on the employees."

The surge in the use of weight-loss drugs has posed a challenge for employers in the US in recent years, especially companies that self-fund their employees' health insurance. The cost of treatment can reach thousands of dollars a year per patient, and some employers have already reduced coverage, limited eligibility, or stopped funding the drugs entirely.

At Bank of America, they combine the supply of drugs with health coaching, which includes monitoring weight loss and lifestyle changes. Moynihan noted that beyond the long-term benefits, clinical data also point to possible short-term benefits, including a decrease in the incidence of cardiovascular events. According to him, it is possible that some employees will leave the bank even before the company benefits from the future savings resulting from the improvement in their health condition. However, he emphasized that the decision was also intended to offer employees a valuable benefit and improve their quality of life.

"It is fascinating to see the change in the employees' behavior and the weight loss," he said. "The long-term health benefits, alongside the possibility of benefits already in the short term, make the move a good investment."

Moynihan added that the bank, which is ranked second in the US in terms of assets, is using its purchasing power to demand discounts from drug manufacturers and pharmacy benefit managers. "We are putting pressure on everyone regarding the price and trying to get the lowest cost possible," he said.

According to a survey by the International Foundation of Employee Benefit Plans, published in July, 36% of employers in the US provide coverage for GLP-1 drugs both for diabetes treatment and for weight loss. This is a slight increase compared to 34% in 2024, but the same rate as recorded in 2025.

Weight-loss drug manufacturers Eli Lilly and Novo Nordisk are working to expand employer coverage, which is considered key to increasing the number of users. However, even the discounted prices, which reach several hundred dollars a month depending on the drug and dosage, are still too high for some patients. In March, Eli Lilly launched a program designed to give employers more flexibility in funding treatments. Under the program, employers can pay a discounted price of $449 a month for a multi-dose version of the weight-loss drug Zepbound, at all dosage levels.