Pros
Its better than unemployment, learn about the financial industry, and because people are laid off like crazy (5,000+ in the last year, including my boss's boss's boss), there is room for growth, if you don't get laid off.
Cons
Hours (70-80 hr shifts in the SUMMER- 8pm status meetings, working weekends, being called at 3am or so), Money stinks for your hours, incompetent management, terrible benefits, no job security at all, technology is antiquated (my group wanted to convert Java code to COBOL!!!), afraid to take risks with "new" (meaning technology 5 years old.. they are just barely using JSTL!) technology, people are rude, work to save themselves, not the company.. just a miserable place to work, raises/promotions are based on a rediculous system