Pros
I've worked at 2 major investment banksand 2 hedge funds. AllianceBernstein has the best hours, fairly nice offices, a great cafeteria, and a fairly relaxed atmosphere. Managers don't yell and tend not to make unreasonable demands.
Cons
I find my colleagues the least capable of the places I've worked. One or two are probably of average intelligence, which is pretty dumb by New York banking standards. Simple tasks require extensive explanations, and even then they have difficulty. There is hardly any career development. The firm offers some training, but it's quite limited. No career path is outlined, not just for me but for anyone I've talked to. My boss lies somewhat often, but his boss seems honest as far as I can tell. It takes forever for projects to be completed, mostly because IT has low standing and investment managers can't bother to approve our work, even if they need it. Bureaucracy isn't awful, but it's more entrenched than it should be. Doing a good job is valued much less than towing the course.