Pros
Excellent benefits (insurances, paid time off); potential for great perks (like the company car program), and decent salaries. There is an endless amount of work to do- constant opportunity to get involved in a myriad of projects impacting the business at every turn (just don't expect to be rewarded for working outside your box)! Bureaucracy actually allows some cross-functional superstars to flourish.
Cons
Irregular performance reviews and career-pathing is non-existent except in rare cases. Promotional and even lateral movement is meted out on an almost random basis. "Problem children" and prima donnas get ahead faster than anyone who actually works for a living. Pay is not based on performance, except in rare instances. Variable pay is a complete joke. Constant fear of downsizing in the last 7 years, with the only seeming logic behind the cuts being "retirement eligible" or "somewhat voluntary separation package." Problem performers are never dealt with, and thsoe managers that do deal with problem employees are not encouraged to do so. Very "experienced" workforce does not like working outside of their silos, and actively stymies/undermines that behavior. Communication of company policies/decisions flows top-down and is so steeped in jargon designed to spoon-feed the kool-aid, that it's both unbelievable and unstomachable.