Pros
Really not many. Initial decent salary. Xmas party is good.
Cons
No career progression whatsoever. You will never get a pay rise. Bonuses are bad and due the ridiculously complicated options scheme will take you 5 years to fully get just one years' allocations. Too many people in management making ill informed decisions and flicking from one idea to the next without taking stock of what is going on at the ground level. You will work on a project and then half way through be told it's being canned and to do something else instead. The support for all the legacy systems can easily take up half your time and management still expect you to deliver a full day's work all the time. Silo based teams. Also 1% pension and minimum holiday (20-22 days)