Pros
Benefits and Pay tend to be above market for management and higher level positions. In years of working there, salaries have never been cut, even during hard times. Company believes in employee self development and you may find opportunities to train up in areas relavent to your career while working there
Cons
To avoid cutting salaries, the company will lay people off. The firm has become process heavy to the point of suffering from an all "chiefs and no indians" culture. It is enmired in beauracracy to the point where it can be frustrating trying to get anything done and you may lose weeks of full time work chasing down the requests in request systems in an ever changing land scape where what worked 6 months ago does not work now. Though process heavy in terms of process specific teams and systems - you will find there is still no clear cut way to get things done that still applies 6 months down the road and the processes that exist are too many and varied for any single employee to know what the rules are today let alone which ones no longer work because of the constant changes.