Pros
There is plenty of work to go around. There are tons of opportunities to streamline old manual processes and add value. There are some very smart people here. The diversified business model has kept us afloat during the current financial crisis. New upper management seems to have a better idea of what's going on than their predecessors.
Cons
It's still way too hard to get anything done. A simple process can have loads of unnecessary validation and approval steps required. There is limited straight-through automation. This leads to human error and forces employees to scramble to try to get their work done. Moral is extremely low, and every round of layoffs results in more work for the rest of us, with even less time to think about how it can be improved.