Pros
Great (London) location, lovely office space (for now), one or two great people managers and lots of very smart, collaborative and frienldy colleagues who share knowledge pretty well. It's a small enough company not to have the glaring fiefdoms and politics you can find in larger organisations. A good place to work if your department is generating revenue (i.e. fixed income). Not so good if you are a cost centre, whatever value you may add.
Cons
Endless, relentless downsizing, aka redundancies. Cost reduction is king at the moment, but to be fair, if you're one of the lucky ones that are still there then the quality of life (apart from more work to go around fewer people) is still pretty good. All depends where you work. Not much money being spent on innovation (especially technology) - much more focussed on getting rid of wasted expense, of which there was plenty in the boom years.