Pros
Vanguard is a very client focused company, almost to a fault. The compensation and benefits packages are in line or better than the industry. The company participates in a number of philanthropic events throughout the year in support of the local community.
Cons
Performance management is opaque at best. The "forced ranking system" that has been referenced in media reports is accurate, and as a result, your individual performance may not dictate a positive outcome when it comes to compensation. The company has made a concerted effort to hire young talent and launch them into management positions. The effect is that a number of seasoned employees are being pushed out to keep costs down. The company has a rotational culture, and with few exceptions, it is considered a negative if you are not actively moving throughout the company. If you want to find a place to plant roots within your specific area of interest, this may not be the place for you.