Pros
Good pay and bonus for good work. Interesting subject matter and excellent management support but that is highly dependent on your business area.
Cons
1) It takes an a tremendous amount of time to get a small amount of work done. Any change requires multiple level of approval, usually by people who have no idea technically what the change does or it's implications. 2) Hypocritical messaging regarding changing behavior for fixing ethics issues and customer abuse while still exhibiting dubious legal behavior. 3) Some senior developers hide information and resist on-boarding efforts of newer developers to make themselves more valuable. Sink or swim mentality. Assume you have the same knowledge as another developer who has been there for 20 years. Constant use of acronyms and system names in the presence of new employees without explanation so as to make comprehension more difficult. 4) Absurdly cumbersome processes that have no value. For some reason most seem to think this is acceptable and even engage in enforcing these processes. 5) Can take weeks or even months to get the development tools and access needed to do your job but still expected to get the job done without those tools. The list goes on....too long to list here.