Bank of America CEO Reveals: Spending Over $250 Million a Year on Weight-Loss Drugs for Employees

Bank of America CEO Brian Moynihan revealed in a CNBC interview that the bank spends over $250 million annually on GLP-1 weight-loss drugs for its employees, up from zero four or five years ago. This expenditure accounts for about 13% of the bank's annual healthcare budget, which exceeds $2 billion for roughly 211,000 employees. The bank views this as a worthwhile investment in employee health, combining it with health coaching. It leverages its purchasing power to demand discounts.

Bank of America CEO Brian Moynihan said in a CNBC interview that the bank spends more than $250 million a year on funding GLP-1 weight-loss drugs for its employees. According to him, this expense, which did not exist at all four or five years ago, has surged due to demand for treatments, but the bank sees it as a worthwhile investment in its employees' health. The bank allocates over $2 billion annually for healthcare expenses for its roughly 211,000 employees. According to data provided by Moynihan, GLP-1 drugs alone—including drugs like Ozempic and Wegovy—now account for about 13% of the bank's total healthcare budget. "We're spending about $250 million, or even more, on GLP-1 drugs versus zero four or five years ago," Moynihan said. "We see a significant impact on employees." The surge in use of weight-loss drugs has posed a challenge for U.S. employers in recent years, especially companies that self-fund their employees' health insurance. Treatment costs can reach thousands of dollars per patient annually, and some employers have already reduced coverage, restricted eligibility, or stopped funding the drugs altogether. At Bank of America, they combine drug provision with health coaching, including monitoring weight loss and lifestyle changes. Moynihan noted that beyond long-term benefits, clinical data also indicate potential short-term advantages, including a reduction in cardiovascular events. He said it is possible that some employees will leave the bank before the company benefits from future savings from improved health. However, he stressed that the decision is also intended to offer employees a valuable benefit and improve their quality of life. "It's fascinating to see the change in employee behavior and the weight loss," he said. "The long-term health benefits, along with the possibility of short-term benefits, make this a good investment." Moynihan added that the bank, ranked second in the U.S. by assets, leverages its purchasing power to demand discounts from drug manufacturers and pharmacy benefit managers. "We're putting pressure on everyone regarding price and trying to get the lowest possible cost," he said. According to a survey by the International Foundation of Employee Benefit Plans, published in July, 36% of U.S. employers provide coverage for GLP-1 drugs for both diabetes treatment and weight loss. This is a slight increase from 34% in 2024, but the same rate as in 2025. Weight-loss drug manufacturers Eli Lilly and Novo Nordisk are working to expand employer coverage, which is considered key to increasing user numbers. However, even discounted prices, which reach a few hundred dollars per month depending on the drug and dosage, are still too high for some patients. In March, Eli Lilly launched a program aimed at giving employers more flexibility in funding treatments. Under the program, employers can pay a discounted price of $449 per month for a multi-dose version of the weight-loss drug Zepbound, at all dosage levels.