Pros
The pay is pretty good or so I've been told, compared to other similar companies in the area. The work is not too strenuous (and this may depend on the group you're with) and the hours are pretty flexible. Your experience may vary based on your manager and whether or not he/she is a good coach/leader.
Cons
Plenty of red tape . A lot of bureaucracy. Things don't get done at the pace that you would expect things to get done. Too much control on technology and software in the name of security, which itself becomes a hindrance to progress. Decision makers at the senior levels sometimes purely get there due to seniority and may not make decisions that are always best for the organization/team from a long term perspective. Performance evaluation cycles are a sham and all attempts to make it better fundamentally have only resulted in changes to the software/user experience related to the self-assessment write up, which probably accounts for nothing significant at the end of the day. A culture of mediocrity exists and so long as you're mediocre or slightly better, you'll survive for a long time without too much of stress.