Bank of America spends more than $250 million annually covering GLP-1 weight-loss medications for its employees, a benefit the bank’s Chief Executive Officer, Brian Moynihan, says is delivering positive results despite rising healthcare costs.

The bank now spends more than $2 billion every year on healthcare for its roughly 211,000 employees, with GLP-1 medications such as Ozempic, Wegovy and Zepbound accounting for about 13 per cent of the total cost.

“We spend about $250 million or more on GLPs, and that’s up from zero four or five years ago,” Moynihan said in a CNBC interview published on August 5. “We see a great impact on the employees.”

His comments come as employers across the United States continue to weigh the financial implications of covering GLP-1 drugs, which can cost thousands of dollars per patient annually.

Moynihan said Bank of America considers the coverage worthwhile because of the health benefits employees are experiencing, including weight loss and possible reductions in cardiovascular risks.

“It’s been fascinating to watch our teammates’ behaviour on these adjustments, the loss of weight,” he said.

According to him, the bank combines access to the medications with health coaching to help employees monitor weight loss and make lifestyle adjustments.

Moynihan acknowledged that some employees may leave the company before Bank of America fully realises the long-term savings from improved health outcomes, but said the decision reflects the bank’s commitment to providing valuable benefits for its workforce.

The CEO also said the bank is using its size to negotiate lower prices with drugmakers and pharmacy benefit managers.

“Believe me, we’re pounding everybody on price and trying to get them as cheap as possible,” he 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.”

Bank of America is not alone in dealing with the growing cost of GLP-1 coverage. A July survey by the International Foundation of Employee Benefit Plans found that 36 per cent of employers now provide coverage for GLP-1 medications for both diabetes and weight loss.

Respondents said the drugs accounted for 11.4 per cent of annual health claims in 2026, compared with 6.9 per cent in 2023.

Drugmakers Eli Lilly and Novo Nordisk have also been working to expand employer coverage, including through discount programmes for medications such as Zepbound.

A recent Gallup poll also found that 11 per cent of adults in the United States currently take a GLP-1 medication for weight loss, up from 3 per cent in 2024.

GLP-1 medications have been shown to help with weight loss and may lower the risk of heart attacks, strokes, heart failure and other cardiovascular complications. However, medical experts warn that the drugs may also carry side effects.

Among the newer concerns being reported is “temporal hollowing,” also described as “temporal wasting,” a loss of fat around the temples that can occur after rapid weight loss. The condition has been linked to the broader phenomenon sometimes called “Ozempic face,” where facial fat loss may make a person appear older.

Plastic surgeons say the condition can be treated with fillers or fat transfer procedures, but warn that the temple area is sensitive because of nearby blood vessels.

Medical experts have advised patients using GLP-1 medications to follow doctors’ instructions and avoid increasing doses too quickly, noting that gradual weight loss may reduce the risk of some appearance-related side effects.

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