"Double reduction" of bank financial management under low interest rates: 150 products lower performance compared to baseline, institutions reduce fees to retain customers.

Recently, institutions such as Dongguan Agricultural Bank, Tangshan Bank, and Xingyin Wealth Management have successively issued announcements lowering the performance benchmarks for their financial products, with some products having their benchmarks adjusted by more than 100 basis points, and interest rates falling below 2%. In the current environment of "low interest rates, low interest differentials, and high volatility", the banking wealth management market with a remaining scale of nearly 30 trillion yuan is also facing some pressure tests, with the scale of banking wealth management shrinking by 0.81 trillion yuan in the first quarter. After lowering the performance comparison benchmark, in order to maintain their relationship with customers, banks have started a wave of fee reductions in wealth management. Recently, many wealth management companies such as Industrial Bank Wealth Management, CMB Wealth Management, Minsheng Wealth Management, Guangda Wealth Management, and Huaxia Wealth Management have successively announced fee discounts for multiple products, reducing fees in stages. For example, on May 12th, Industrial Bank Wealth Management announced that the sales fee rate for their Stable Enjoy Intelligent Selection Day Opening 14 Wealth Management Product will be reduced from 0.20% per year to 0.10% per year starting this month on the 20th, lasting for three months.