Pros
Great infrastructure. They will provide with state of the art hardware infrastructure. You will get a work station with 24 GB RAM and 2 TB hard disk. But, you will end up with working on old, rigid and not scalabe software architecture of their product that will make you out of the league in terms of current market trends. Though, you will find challenging and exciting work at times. But, it is more of repeatable and tiresome tasks. They are stuck with single giant, monolithic, older technologies and they stuck so deep that it will take them years to incorporate new, user friendly, easy to use, and scalable technologies in place. And, Saddest part is, I don't think they are working in that direction. Better work environment. All the employees will align with your thoughts on management, at least.
Cons
My first impression after working for a while is.. There are more managers than actual workers doing the stuff. At times, you have to report to 4 to 5 managers on a single issue on multiple occasions. There will be meetings for the sake of arguments without any proper and concrete outputs. Everyone wants to make their point (which is good, by the way) without giving much thought what others are saying. I see some managers so adamant that they won't comply with others opinions hindering the agile process. Coming to HR department, The less I talk about them, the better. Pay structure is not at all transparent and often confusing for the people. And, guess what it is very rare that you will get your 100% bonus. And, No job security. On a fine day, you enter the office and may get a pink slip.