Banks to recast wealth management strategies

The storm of complaints over a host of personal wealth management products that have taken a knock from the global financial crisis is forcing financial institutions in China to reconsider their strategies in developing new business in this field.

The worsening global financial crisis, which caused tremendous turbulence on major markets such as equities, commodities and foreign exchange, is hurting the whole range of financial derivative products.

Angry Chinese customers, threatening to stage lawsuits or even protests against banks if they don't make up the losses caused by their "misleading promotion" and "unprofessional client managers", have been pressing lenders for compensation.