American Express and Ameriprise are separate companies. Inasmuch as Amerprise was only recently spun off from from American Express the relationship is still in transition, for example there are links to Amerprise on the American Express home page, Amerprise offers Membership Rewards points and features American Express cards.

These are superficial resemblances. Fidelity also issues American Express cards that earn Membership Rewards, as does HSBC's international bank. Guaranty Bank (TX) offers a checking account that earn Membership Rewards points, and they feature an American Express Gold card with their logo on it and push American Express gift cards. USB's private bank has a two card Amex/VISA program operated for them by Barclays's Juniper division. Bank of America's private bank will also issue a high end American Express card. Etc, etc, etc.

It seems evident that American Express aims to partner with many financial institutions and is positioning itself as the high end card network based on their higher merchant fee structure. This must be well known to Ameriprise. American Express managers have no stake it Amerprise's financial results. I don't see American Express' relationship with Ameriprise limiting their ability to provide card services to Smith Barney or anyone else. Remember, Smith Barney won't make nearly as much money from card activity as they will from managing the clients investment accounts. The card is just a tool to attract and retain clients, and I daresay most of us Flyertalk posters are not in the target demographic .