From an insurance broking perspective: too much internal politics and there are too many mid-level managers. While the company preaches a united front, realistically there is a lot of bickering over clients and revenue sharing.
Pay scales and increments are not transparent, and largely on the whim of your manager.
Restructures have now happened every three years consistently. Changes are made, results aren't satisfactory, top-level management makes another structural change, which results in a new director reversing all old changes, or implementing a variation of the the same ones (again). One can't quite liken it to feeling like you're a hamster running on a wheel with no clear vision or end in sight, however that analogy comes close.