Pros
Stay below a certain job grade and it's unlikely that your job suddenly disappears overnight. Annual leave allowance is quite generous.
Cons
Reorganizations are too frequent and unnecessary. The pursuit of change for change's sake takes attention away from actual problems on the ground. Internal movement within the bank is difficult. It has been said that certain positions are already reserved for "people with contacts" by the time the job ad is up. Some parts of the bank also have a hiring freeze that seem to last forever. Often middle managers and team leads are hired because of their connections to the hiring manager and not for their ability. They turn out to be less experienced and competent than the people they are supposed to lead. Somewhere in the bank...one particular (huge) team started out fine at first, but the work quality got worse (amazingly without repercussions) as checks and balances were taken away in the name of efficiency and streamlining. Now it's pretty much a free for all checkbox exercise, depending on the whims of the people that lead the various squads at the moment in time. Management team is concentrated in some faraway timezone, detached from reality on the ground, recruiting their own friends and making the worst possible decisions.