Core Viewpoint - Western Alliance Bancorporation (WAL) has been downgraded to Neutral from Overweight by J.P. Morgan due to an upside risk to earnings credit rate (ECR) deposit costs [1] Summary by Relevant Sections - **Earnings Credit Rate (ECR) Deposit Costs** - The outlook for 2026 ECR deposit costs is projected to be in the range of $535 million to $585 million [1]