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CEO Brian Moynihan says GLP-1 medications now account for roughly 13% of the bank's total annual healthcare spending
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CEO Brian Moynihan revealed Wednesday that Bank of America $BAC spends more than $250 million a year on GLP-1 weight loss drugs for its roughly 211,000 employees, calling the expenditure a sound investment in the people who work there, according to CNBC.
Moynihan told CNBC the bank's total annual healthcare budget exceeds $2 billion, which means GLP-1 drugs have grown to represent about 13 cents of every dollar the company spends on employee health. "We spend about $250 million or more on GLPs, and that's up from zero" four or five years ago, he said.
