Most programs end because they do not achieve their profit objectives.
How do you know that this decision was made by American Express rather than by First Republic or by mutual agreement?
I know that Bank of America agreed to sell First Republic Bank last October. Has the transaction closed? The website make it appear that Bank of America is still the owner, but it may lag. Perhaps new owners are unwilling to continue subsidizing the annual fees?
This.
I dont believe the transaction has closed, yet. However, the FRB branch across the street from my office in Beverly Hills just finished redo'ing a lot of their signage and other materials in the last week or two.
I'm guessing the new ownership group, in the conditions of the purchase agreement, had a right to cancel or continue the amex program, and decided to cancel it to save costs.