Pros
Great people to work with in certain pockets of the firm. Not lots of extraneous layers of management. Generally a "shoot first, ask questions later" mentality. Great place for self-starters.
Cons
Zero firm-wide culture despite Rich & Brian's monthly, repetitive newsletter. High turnover and "celebrity" hires means that culture will never be formed. Since LUK acquisition, R&B much less visible and much less in touch. Unlike the big banks, senior managers and less senior managers are rarely moved or exposed to other areas. Accordingly, the next layer of executives will never come from the inside, making development of culture not possible. Mentoring is non-existent unless someone happens to take you under their wing. Loss of investment-grade rating will mean either game-over, or acquisition by a foreign bank.