Major bank CEO says company spends $250 million a year on GLP-1 drugs for its employees
Rachel Dobkin
Fri, August 7, 2026 at 2:23 a.m. GMT+5:30
2 min read
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Bank of America’s chief executive has said the company spends $250 million a year on GLP-1 drugs for its employees as the weight-loss medications surge in popularity
U.S. adults currently taking a GLP-1 medication for weight loss, such as Ozempic or Wegovy, increased to 11 percent this year, up from 3 percent in 2024, according to a Galluppoll released last month
“We spend about $250 million or more on GLPs, and that’s up from zero” four or five years ago, Bank of America CEO Brian Moynihan told CNBC
He noted clinical data suggesting health benefits to taking GLP-1 drugs, including a lower risk of cardiovascular problems
Researchers have noted that the medications can reduce heart attacks, strokes, cardiovascular deaths and heart failures
“It’s been fascinating to watch our teammates’ behavior on these adjustments — the loss of weight,” he said
While there are benefits associated with GLP-1 drugs, like any medication, there are also some serious side effects, such as changes in vision and severe stomach problems
Among adults who have taken GLP-1 drugs in the past, 14 percent said they stopped taking them because of the cost and 13 percent noted the side effects in a pollpublished by the health policy organization KFF in November 2025
Thirty-six percent of corporate employers cover GLP-1 drugs for diabetes management and weight loss, according to survey results released by the International Foundation of Employee Benefit Plans last month
Moynihan said Bank of America negotiates for lower drug prices, something the federal government has also been doing for Americans
“Believe me, we’re pounding everybody on price and trying to get as cheap [as possible],” Moynihan said. “But our view is that [because of] the long-term health benefits, plus there may be more short-term health benefits…it’s a good investment.”
