Pros
Best reason is due to conservative financial position and therefore secure job. Company would rather limit raises than fire employees. This is only beneficial if you enjoy status quo and prefer an environment where people don't challenge the norm or themselves to solve problems. The other positive is the current CEO has been a strong leader throughout the tough financial turmoil and managed to preserve cash rather than purchase any dysfunctional financial institute. I would not recommend working for US Bank unless you don't want control over your own success or the ability to work hard and actually see progress.
Cons
US Bank is a very conservative company which promotes based on tenure rather than prodcution. Usually companies are successful because people take ownership together and work hard to see the company succeed. US Bank is like any other exceedingly large bank with far too much beauracratic red tape. Nobody has the ability to make significant progress so therefore nobody does. Even if people try there are most likely people who are uncomfortable with the changes and therefore push back. The whole idea of a meritocracy is lost. Its not a bad place to work for a period of time, but I think if you stayed for a long time you would either succumb to the environment of carelessness or quit.