Pros
On the commercial lending side, I worked with some of the most innovative and exciting companies in the world. It was great to create relationships with C-level clients and venture capitalists to learn their strategies to execute. The fringe benefits are somewhat superior to most financial services firms (ESOP, ESPP, Health and Dental).
Cons
Many in middle management are drunk on their on Kool-Aid and think they are the smartest person in the room. After having conversations with VCs, they start to delude themselves into thinking that THEY are as smart and valuable as VCs. The culture is very cannibalistic and very political. The firm even encourages it. They had training sessions about 'developing your personal brand.' The effect of it was a culture that very 'back stabbing' and completely devoid of trust. I have never seen so much corporate in-fighting and political posturing. In terms of compensation, the hours are closer to I-Bank hours while the pay is closer to commercial banking. Before you agree to join this firm, do your due diligence on your direct supervisor and ensure that his/her ego is in check.