Pros
Fair salary, good benefits/pension.
Cons
Clueless, highly political middle managers. Lots of them. Ruthless high level managers. Lots of third party contractors, usually offshore. Projects either don't get delivered or just take forever. Chaotic IT, especially in General Insurance. Frequent changes in strategy and no long term plan as maximum profit in the short term is the name of the game here. No job security, as they have a redundancy cycle every year. I have it straight from the mouth of a "Head" that management does not care about staff. Lately they have been closing excellent sites just to save on rent. If you're in IT and take pride in doing a good job, think twice. A lot of your time will be spent firefighting and dealing with workarounds they put in place when other workarounds fail.