Brian Moynihan, Chairman and CEO of Bank of America, speaks with Economic Club of Washington Chair David Rubenstein at an event at the Ritz-Carlton on February 25, 2025 in Washington, DC.
Anna Moneymaker | Getty Images
Bank of America spends more than $250 million a year covering GLP-1 weight loss drugs for its employees, CEO Brian Moynihan told CNBC on Wednesday, saying the rapidly rising cost is a worthwhile investment in his workforce.
The company sets aside more than $2 billion a year on healthcare overall for BofA’s roughly 211,000 employees, meaning that GLP-1 medications alone now account for roughly 13% of all healthcare spending, per figures provided by Moynihan.
“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.”
Employers across the country have grappled with soaring demand for GLP-1 drugs such as…
