Poor communication between departments, resulting in unhappy clients and finger-pointing. This was an issue before being acquired that has gotten better since.
Overworked and underpaid employees: the workloads each department carries is exacerbated by the low headcount. New (read: NYSE and now ICE) requirements for hiring new people are inconsistent and seemingly unattainable for certain departments. Watching other departments gain new members while mine consistently lost people was beyond frustrating. Team morale was at an all-time low and while our local manager did the best he could, his hands were ultimately bound by corporate red tape.
Enter ICE. After buying NYSE, they turned their Red Eye of Sauron to our little company with the intent of bleeding us out of every cent we could offer. To maximize profits, they starting cutting programs. Telecommuting? "Poor corporate citizenship". Sponsored Happy Hours? "Poor corporate citizenship". Health programs like on-site massages and yoga? "Poor corporate citizenship".
What's ICE's culture, you ask? Rounding up our salaries to the nearest whole thousand and holding our bonuses hostage in company stock that matures in 3 years. Expect to work long hours with a smile on your face. Expect end-of-day meeting invites so you've had an "opportunity to work a full day". Expect to be condescended to and have your departmental needs overlooked by a myopic and unsympathetic IT department, and upper management.
Nepotism is a huge issue in upper management; who you know is more important than what you do or contribute. Don't expect to be recognized for your achievements in any way other than e-mail.
The future of the business is uncertain as upper management tries to put together a game plan for the next year.