Bank of America says it spends about $250 million a year on GLP-1 drugs for employees.
Why it matters: The figure puts a hard dollar amount on a fast-growing employer benefits problem. Companies are weighing whether to keep covering costly obesity drugs as demand and claims rise.
- CEO Brian Moynihan said Bank of America spends about $250 million annually on GLP-1 drugs for employees.
- Bank of America says Moynihan leads more than 210,000 employees.
- Spread evenly, the reported spend equals about $1,190 per employee per year.
- Business Group on Health says GLP-1 coverage is forcing challenging employer coverage decisions.
Bank of America CEO Brian Moynihan said the company spends about $250 million a year on GLP-1 drugs for employees, according to CNBC.
"We spend about $250 million a year on GLP-1s for our employees," Moynihan said.
Bank of America says Moynihan oversees more than 210,000 employees, which puts the reported spend at about $1,190 per worker per year if distributed evenly across the workforce.
The number lands as employers across the U.S. struggle with how to handle GLP-1 coverage. The Business Group on Health says employers are seeing rising coverage and higher claims spend, while some large companies are considering cuts or ending coverage.
Reuters reported in June 2026 that some employers were planning to drop GLP-1 weight-loss coverage in 2027 as demand and costs kept rising. Separately, Reuters reported that Cigna stopped covering GLP-1 obesity drugs for its own employees effective July 1, 2026.
Bank of America's figure offers a rare, concrete benchmark for a benefits debate that has largely centered on broad cost concerns. The company did not provide a regional breakdown of the spending.
By the numbers
- $250 million - Bank of America's reported annual GLP-1 drug spend for employees.
- More than 210,000 - Bank of America's workforce referenced in company materials.
- About $1,190 - Annual GLP-1 cost per employee if the reported spend is spread evenly.
Yes, but: The figure comes from Moynihan's public remarks and is not backed in the dossier by an official Bank of America filing or press release.
What's next: Employers will keep weighing whether to expand, tighten, or end GLP-1 coverage as costs rise.