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In a significant move reflecting the rising trend of GLP-1 medications for weight management, Bank of America’s CEO has revealed that the institution invests approximately $250 million each year on these drugs for its employees. This announcement comes as reports indicate a surge in the number of adults in the U.S. using GLP-1 medications such as Ozempic and Wegovy, with a recent Gallup poll highlighting that 11 per cent of Americans now report using these treatments.
A Surge in GLP-1 Usage
According to the latest findings, the number of U.S. adults taking GLP-1 drugs for weight loss has tripled since 2024, rising from just 3 per cent to 11 per cent in 2026. This shift signals a wider acceptance and utilisation of these medications, which have gained attention for their effectiveness in promoting weight loss and managing obesity-related health issues. Bank of America’s CEO, Brian Moynihan, shared these insights during an interview with CNBC, emphasising the company’s commitment to supporting employee health through innovative solutions.
The Health Benefits of GLP-1 Drugs
Moynihan explained that the substantial investment in GLP-1 medications is part of a broader strategy to mitigate life-threatening health conditions among employees. He referenced clinical studies that suggest these medications can significantly reduce the risks of serious cardiovascular events, including heart attacks and strokes. “It’s been fascinating to watch our teammates’ behaviour on these adjustments—the loss of weight,” he remarked, noting the observable health improvements.
These medications function by mimicking the incretin hormones, which help regulate insulin secretion and appetite. As a result, they not only assist with weight reduction but also contribute positively to overall health metrics, leading to fewer incidences of diabetes-related complications.
Challenges and Considerations
Despite their benefits, GLP-1 medications are not without their challenges. Research indicates that some users experience serious side effects, including gastrointestinal issues and, in rare cases, changes in vision. A November 2025 poll conducted by the health policy organisation KFF revealed that 14 per cent of individuals who have tried GLP-1 drugs discontinued their use primarily due to high costs, while 13 per cent cited adverse effects as their reason for stopping.
Moreover, a recent survey by the International Foundation of Employee Benefit Plans reported that 36 per cent of corporate employers now cover GLP-1 drugs as part of their health benefits for diabetes management and weight loss. This growing trend highlights a shift in corporate healthcare strategies, as more companies acknowledge the importance of investing in employee wellness.
Negotiating for Lower Prices
Moynihan noted that Bank of America is actively negotiating for more favourable pricing on these medications, a challenge that the federal government is also addressing. “Believe me, we’re pounding everybody on price and trying to get as cheap [as possible],” he stated, reinforcing the company’s commitment to making these health solutions accessible.
With the long-term health benefits in mind, Moynihan believes that the company’s investment in these medications is not just a cost but a strategic choice that can yield significant returns in the form of healthier employees and reduced healthcare expenses over time.
Why it Matters
This substantial investment by Bank of America underscores a pivotal shift in how corporate America approaches employee health and wellness. As GLP-1 medications become increasingly prevalent, the implications for public health, corporate responsibility, and healthcare costs are profound. By prioritising employee wellbeing through comprehensive health programmes, companies can potentially reduce the burden of chronic diseases, enhance productivity, and create a healthier workforce. The growing acceptance and utilisation of GLP-1 drugs may very well reshape the landscape of employee health benefits in the coming years, setting a precedent for other organisations to follow.
