Bank of America spends more than $250 million on GLP-1s

Bank of America is spending more than $250 million on GLP-1 weight-loss and diabetes drugs for its employees, CEO Brian Moynihan said. Speaking Wednesday at the Aspen Economic Strategy Group annual meeting, Moynihan described the outlay as part of a long-term investment in employee health and benefits for the bank’s more than 210,000 workers. The firm’s annual healthcare budget is around $2 billion. Moynihan said GLP-1 coverage can reduce long-term risks such as heart disease, even if some employees leave before seeing benefits. He added the bank is working to secure the drugs as cheaply as possible, including now that some are available as pills.