Bank of America spends more than $250 million a year covering GLP-1 weight loss drugs for its employees, CEO Brian Moynihan told CNBC on Wednesday, saying the rapidly rising cost is a worthwhile investment in his workforce. "We spend about $250 million or more on GLPs, and that's up from zero" four or five years ago, Moynihan told CNBC's Andrew Ross Sorkin. Employers across the country have grappled with soaring demand for GLP-1 drugs such as Ozempic and Wegovy, which can cost thousands of dollars per patient annually. Bank of America pairs access to the drugs with health coaching to help monitor weight loss and lifestyle adjustments, the CEO said. Beyond long-term preventative health, Moynihan pointed to emerging clinical data suggesting nearer-term benefits, including a lower incidence of cardiovascular events.