Pros
Benefits are excellent, including a defined benefit pension plan, multiple choices for employer-subsidized medical/dental, 401(k) with matching, good vacation policy, etc. The higher grade you are, the better the fringe benefits get, obviously, but the basic benefit package is good even for lower-level employees. Decent emphasis on work-life balance, though that seems to be fraying around the edges with the advent of the Japanese taking the bank private. Some opportunities for face time with senior management and educational opportunities are being scheduled on Friday afternoons and Saturday mornings - not cool. Annual reviews are fair and open with the opportunity to respond to criticisms. "Talent Management" and Employee Relations are the real deal; they do their best to represent the employees fairly and provide opportunities for advancement where advancement or career variety is desired. Except for the occasional bureaucratic, hidebound jerk, the people are very genuinely nice and many have long tenures with this bank. Generally helpful, too, and willing to share information and provide assistance where needed. Job satisfaction seems to be relatively high around the place. Smart executive management that makes sound business decisions, leading to relatively more job stability and a better working environment and better pay for everyone. A program is in test stages for telecommuting, job sharing, flex time and other work set-ups that are not always common in the financial services industry. If this pilot program and its intended mentality propagates throughout the bank, it'll be a great asset.
Cons
Crazy detail orientation of the Japanese parent bank - watch out, there are a million requests for useless information flying around this place all of a sudden. Some damage to usually-excellent employee morale has been done with this transaction. Despite executive management efforts to communicate and be transparent, sometimes objectives and goals of the company don't get passed down below the SVP level effectively. This leads to disenfranchisement of the folks who do the "real" work. If you want to advance your career, it's up to you to take the lead. No one is going to push you upward unless you're a "Golden Child" who has been tapped by senior executives to move up. This is a pro and a con, really, because it allows people who want to tread water to stay where they are competent...but also can lead to stagnation.