Bank of America is allocating $250 million annually to cover weight-loss drugs for its employees, CEO Brian Moynihan said in an interview with CNBC. The investment is part of the bank's broader $2 billion yearly wellness program aimed at enhancing employee health. The $436 billion financial institution is covering most of the cost for GLP-1 medications, with staff responsible for premiums or copays.
Moynihan highlighted the positive impact of the program on employee well-being, noting that the drugs help lower near-term incidents of heart issues even for those without all risk factors. He emphasized that the company prioritizes mental and physical wellness as part of its culture. While some health benefits may only materialize years later, potentially after employees leave, Bank of America considers the investment worthwhile to support a healthier workforce.
The move reflects a growing trend of employers offering weight-loss drugs as a perk, with nearly a third of workers indicating they would switch jobs for GLP-1 coverage. Bank of America’s spending on these medications underscores the increasing role of healthcare benefits in talent retention and employee satisfaction. The bank’s $2 billion wellness budget positions it among the largest corporate investors in employee health initiatives.
Bank of America’s CEO stated the company aims to be a great place to work by investing in employee health, despite some benefits potentially emerging only in the long term. The bank’s $250 million annual expenditure on weight-loss drugs is a significant component of its comprehensive wellness strategy.