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Amex, challenged by Chase, is losing the snob war

Other companies have started beating the financial behemoth at its own game

In August, Chase released the Sapphire Reserve with a smorgasbord of cardholder benefits, setting off an avalanche of applications from millennials and a flood of positive social media postings.

New York

TO understand the anxiety inside American Express (Amex) - which has announced its second consecutive year of declining revenue - you need to know about a story that made its way through the company's headquarters last fall.

A few Amex executives heard that a rival company...

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