Mercedes is a "brand," even though it makes taxis and busses. Amex is not a brand, it stands for nothing. Cheaper and worse prepaid cards. Strategy, your name is Dan Schulman.

that's ironic and paradoxical. Literally for decades, big banks, generally with utter incompetence, have gone after the affluent. But, as the inimitable Stuart Gulliver put it, the more of these ("Premier") customers they (perpetually blundering HSBC) got, the more money they lost. (Put aside the brilliant smaller banks, such as First Republic, that actually provided SERVICE.)

Amex already had the affluent, going back way before Lew Gerstner and even Jimmy Robinson. So, of course, they turned the other way--towards oblivion.

But, who's more oblivious, Amex or the CIA?