Pros
It is a large asset management organization, and management is trying to be more responsive to employees. They were making strides in trying to improve employee morale, although there is still a lot to be done. There are advancement opportunities in such a large organization, but it is a fairly political place. For employees in well-run groups, it can be a good place to work. You do have the opportunity to learn a lot if you are in a good group, but you should be very careful of the group you chose to work in. Bank of America has generous employee benefits, which is definitely a plus.
Cons
Because the company is so large, it can be really bureaucratic. In such a large company, the group you work in is really important. Because the company is so large, horrible managers are tolerated longer than they might be in smaller organizations. Bank of America tries to run their investment management group like any other part of the bank, but it is a very different business. Employee turnover is incredibly high, my group turned over every 18 months or so. Employees were not treated well at all, and most employees equated working there as more like working for a custodian bank than an investment management firm.