JPMorgan Chase is preparing for “an extremely adverse scenario,” worse than the 2008 financial crisis and recession, CEO Jamie Dimon wrote in his annual letter published Monday. That worst-case scenario “assumes an even deeper contraction,” with gross domestic product (GDP) shrinking 35% in the second quarter of this year and remaining down through 2020, while the unemployment rate peaks at 14% by the end of the year. “This scenario is quite severe and, we hope, unlikely,” Dimon wrote in the letter. By comparison, since the 2008 financial crisis until now, the worst-case scenario the bank had modeled in its stress ... (full story)