Pros
The work is generally challenging, and management tends to be very hands off- no one will be breathing down your neck. There is an energy in the air that the firm wants to be aggressive and push to be the #1 IB, and while I have heard that stuff spouted at other large firms, they are really trying. The benefits and offices are nice, and if you are on the ex-Lehman side it used to be really easy to get promoted, though I can bet that will change as the Barclays side has complained tremendously about this. This may sound trivial, but at 745, but good nearby food options were abundant, and even the cafeteria was great. The size of the organization is still manageable, there is significantly less BS in the way to get things done than at other large banks I have been at.
Cons
Lower level and mid level management needs training. Very political environment which can be toxic- network and get in good (kiss ass) with your manager or you WILL be kicked to the curb. The turnover over the last year has been insane. Hire a bunch of people, fire a bunch of people, start all over again. I have seen entire groups gutted, then filled with new hires who now have no idea how anything works. The layoffs seem to be way more politically motivated than performance motivated, but at this point its hard to say they are even political anymore- it seems arbitrary. Comp this year was laughable- bonuses hardly exist anymore. Some people got nice raises to compensate, but many did not. Times Square is just plain annoying to get to or get around in.