Pros
Great place for someone fresh out of school to learn, also a good place to pick up bad habits. Nice work environment if you like a gilded cage. Fair degree of freedom to use tools that would be considered forbidden at similar employers. Informal team environment is good, however, it can be very negative. Great place to get that first promotion. Good place for mid-career banking people to get some software experience.
Cons
Very disorganized environment, slipshod quality assurance. Management that ranges from very good (near the bottom) to nearly impossible to deal with that the top. Ownership that is largely absentee and seems clueless. Horrible hands-on, near panic driven management mentality that starts at the top and infects its way down. Legacy software attitude that pervades development and design efforts. Significant morale issues that management falsely and foolishly attributed to the dynamic nature of the labor marketplace.