Lack of communication and transparency - there are constant "reorganizations" that are sprung on teams with little to no notice, but management preaches transparency.
No one to talk to - I once mentioned something to HR about a negative experience I had with a manager. There was no plan offered other than "I'll let him/her know that you feel that way". I don't need to play telephone about my feelings, there needs be be better ways to provide feedback about your manager.
Stagnant upper management - A lot of the people who have been here for a long time are checked out. It is incredibly uninspiring to work for and with such people.
Inconsistency - Your success/privileges here are dependent only on your manager. Managers are trained internally and generally don't have a lot of management skills or people skills, for that matter.
Work/life balance - Lots of teams work 12 hour days regularly. A very unhealthy workplace in that regard.
Anti-social office - People here tend to range from ignoring you to being actively unfriendly.
High turnover - This is quite obvious once you experience the office environment, but something needs to be done. It's really demoralizing.