Poor salaries compared to other organisations. Pay bands and gradings make little sense and are very political. Some managers seem to know nothing about the area and teams they are managing. Some employees have tunnel vision and can't see anything outside of the areas they are focused on.
HR seem too be clueless at times and very cold.
Far to many layers of management, too much politics and bureaucracy at the organisation so takes a millenium to get anything actually done.
Far too behind competitors in terms of technology being used at the company and this will never change due to the fact people are reluctant to try new things and due to politics.
If you come in from an aquisition chances are you could be stuck in a role you don't want and not see a decent pay rise for a considerable amount of time.
Senior management completely out of touch with the rest of the organisation.