Pros
Good job out of college if you have no better options, or hate your current job. You make an immediate impact which affects clients, projects, or other teams. Exposure to this is beneficial to your early career. Top top HFS management know what they are doing. This helps drive future business. Good work/life balance. You should be able to get away with working 8 hours a day. Ability to work from home, especially if you have kids. Good amount of vacation days, typical medical/dental/vision benefits. You won't get fired. Unless you're extremely bad at your job.
Cons
Training was abysmal. I left after a few years and it never got better. Nothing is centralized and knowledge is lost when people leave. You will learn by sitting at someone's desk and jotting notes on paper. Complete joke. Technology is sourced from Citadel. When you leave HFS, all that knowledge disappears and cannot be carried to other companies. A lot of management and senior management is ex-Citadel. Impossible to move up. Certainly a lot of these people are 'lifers'. During my time, I don't believe I saw anyone replace their manager. Only way is to transition to another team (don't do this, you will make more $ by leaving) A lot of incompetent managers/older employees with no technology/Excel skills. They will find young talent and pawn off majority of the work on them. My experience was I had no choice and had to complete the work under constant monitoring. Google 'fear-based leader'. They've opened up a Tempe, AZ office which will definitely be replacing new jobs located in Chicago. May affect raises, offers, bonus, etc.... Pay increases were a complete joke. You have to fight for it, be super aggressive, and threaten to get big bumps. They will never hand out big pay increases based on your actual value. I never got my total bonus target. You will likely receive 66% of the 'target %'. Northern Trust is a custody bank. They can have an amazing year and employees will see an extra 1-2% bonus. Rest goes to shareholders. Happy hours/group outings paid by NT disappeared. Again, NT is super cheap. Very difficult to get to know your employees/new employees.