Weight-loss and diabetes drugs known as GLP-1s are becoming one of the fastest-growing costs in employer health plans across the U.S. That trend came into sharper focus at Bank of America this week, when CEO Brian Moynihan said the company is now spending more than $250 million a year on the medications for employees. The disclosure also landed as new benefits surveys show coverage decisions can influence whether workers stay in their jobs or look elsewhere.
Bank of America puts a dollar figure on fast-rising GLP-1 costs
Bank of America CEO Brian Moynihan said on August 5 that the bank is spending “about $250 million or more” annually on GLP-1 drugs for employees, according to CNBC’s interview with him at the Aspen Economic Strategy Group meeting. He also said the company’s spending on the drugs was effectively zero about five years ago, marking a rapid increase as prescriptions for obesity and diabetes treatment have expanded. Bank of America has not separately published that figure in a securities filing or earnings release reviewed for this report.
The size of the spend stands out because Bank of America is one of the country’s largest private employers, with more than 210,000 employees, according to the company’s public materials. Its annual report says the bank also maintains a broad national footprint, including about 3,700 financial centers and roughly 15,000 ATMs. Those numbers help explain why even a benefit used by a fraction of workers can translate into nine-figure health-plan costs.
Moynihan said the expense remains a worthwhile benefit investment because the bank has seen positive effects for employees. Bank of America’s public employee-benefits pages describe its health coverage as part of a broader recruitment and retention strategy, though the company has not publicly broken out how many workers are using GLP-1 prescriptions or what share of the cost is tied to diabetes versus weight-loss treatment.
For North Carolina, where Bank of America is headquartered in Charlotte, the disclosure puts a local face on a national benefits debate. The company has not released a state-by-state breakdown of GLP-1 spending, and it has not identified how much of the more than $250 million is tied to workers in North Carolina or any other single market. It also has not released a full list of employee plans or eligibility rules tied to the medications.
What is confirmed is that the issue reaches far beyond one office or region. Bank of America says it serves nearly 69 million consumer and small-business clients nationwide and continues to hire across U.S. markets, underscoring that its benefits decisions affect a large, geographically dispersed workforce. For Charlotte, where the bank remains one of the city’s signature employers, comments from top leadership can carry weight in local compensation and benefits discussions even when plan details remain private.
The labor-market backdrop is also becoming clearer. Bank of America’s 2026 Workplace Benefits Report said more than one in three employees have left or considered leaving a job in the past year. Separate findings in NFP’s 2026 U.S. Benefits Trend Report said nearly a third of employees would consider switching employers to gain access to GLP-1 coverage, showing how quickly the drugs have moved from a health-plan issue to a workplace competition issue.
The main pressure point is cost. A 2026 Benefitfocus report said pharmacy costs accounted for 29.5% of total benefit costs in 2025 and rose 10.9% per member, while employer advisers and trade groups have repeatedly identified GLP-1 drugs as a major driver because the medications are expensive and do not yet have generic competition. The International Foundation of Employee Benefit Plans said in 2026 that GLP-1 claims for weight loss represented 11.4% of annual claims among surveyed employers, up from 6.9% in 2023.
Coverage remains uneven even as demand grows. A July 2026 report cited by Becker’s said 36% of employers cover GLP-1 drugs for both diabetes and weight loss, while 60% cover them only for diabetes. Business Group on Health said its 2026 employer survey found large companies are relying on utilization management and support programs as they try to balance worker demand with long-term affordability.
For workers and residents, the practical takeaway is that GLP-1 coverage is increasingly being treated as a competitive job benefit, but access still depends on each employer’s plan design and rules. Bank of America has indicated it views the spending as an investment in its workforce, and the broader employer market is still deciding how much coverage it can sustain as health-plan costs keep rising.