Bank of America Spends $250 Million Annually on GLP-1 Drugs

Bank of America spends more than $250 million annually to provide GLP-1 weight-loss medications to its 210,000 employees. The expenditure is part of a broader annual healthcare budget of approximately $2 billion.

CEO Brian Moynihan described the spending as a worthwhile investment in employee health, noting that the drugs can reduce the long-term risk of heart disease. Moynihan indicated that the firm is seeking ways to lower these costs, specifically as pill-based versions of the medication enter the market.

This policy differs from other large employers like PwC, which have reportedly stopped covering these drugs for weight loss. Data from the International Foundation of Employee Benefit Plans shows that only 36% of companies currently cover GLP-1 costs for diabetes and weight loss.