Lots of travel, corporate red tape, and management can lose touch just by virtue of how large the company is.
Promotion can be slow, and it is frustrating that excelling at your job doesn't necessarily mean promoting faster.
Senior leaders tell us we need to move quickly and innovate, take risks, and win business, and yet it feels like middle management is constantly risk averse and fails to take action, move quickly, and make key decisions in a timely manner. This sometimes leaves the technical staff feeling powerless to influence outcomes, despite the vast resources and expertise available to us, leading to a feeling of wasted effort at times.
Various divisions, or "business areas" (i.e. Aero, MFC, RMS, Space) within the corporation tend to "backstab" eachother instead of pursuing a unified corporate strategy (but that seems to have improved a lot in the last year or so) and sometimes it feels like we are our own worst enemy.