Pros
Too many people & little work - so work life balance is good.
Cons
Too much fat in the organization. Despite rhetoric from the management, they haven't made the hard choices that need to be made to realign the business to the new operating reality in the post-crisis era. People at the mid-to-senior levels more interested in "clipping coupons" and making sure the up & coming high performers are pushed out - to protect their own cushy jobs. An MD routinely makes about 5% of total revenue of the desk (not 5% of profits, but 5% of revenues). There are usually 2-3 MDs on a desk. Very much a revolving door for senior level management positions in the investment bank. Bad morale. At least half of my group will leave if they get a job elsewhere, even with a paycut. To move up the hierarchy, one needs to play the politics well. That's all that matters.