Pros
In my group I find that opportunities are out there for those who want them and are ambitious. The management casts a wary eye at those who have a sense of entitlement and tends to reward those to really step up and go outside their comfort zone. The company is very large with nearly 80 lines of business so the culture will certainly vary, but overall you get the sense the company is relatively conservative and rooted in sound principles.
Cons
While there are certainly plenty of ambitious and successful leadership there are seem a few people with entitlement syndrome milling about as if working for the bank is a government job. These are the same folks who expect a pay raise every year for mediocre performance. Also, with the Wachovia merger now in full swing there is more "uncertainty" in the air these days than normal.