Pros
State Street has a great benefits package, very stable work environment, and a good manager review system that generally prevents bad managers from screwing their employees at year end review time. I also think they do a decent job of throwing some nice side benefits to employees such as random free ice cream days in the summer, free tickets to various sporting events, and various employee appreciation days. In many divisions, the work-life balance is great, lots of ppl work 40-50 hours a week and never any weekends. Like I said earlier, very stable work, even in the current financial crisis, I don't expect to loose my job anytime soon.
Cons
Some of the negatives are there is poor upside potential. After the entry level fund accountant, there is the Senior Account Specialist which is fairly easy to get to, but unfortunately is a pretty crummy job. Pay for that level is about $40,000 give or take a couple thousand. But these ppl may end up working 50-60 hours a week and take a lot of the stress. Fund accountants start at $32,000 here in KC and only get small inflation raises each year. They may through in a small bonus of a few hundred dollars too if the company had a good year. The work is also boring repetitive, not very exciting.