Pros
Large, global bank with good resources. Great place to make connections, enhance network, learn, good rotation system when starting out of school. In US, DB has been investing and growing to upgrade their US reputation to match their reputation in Europe - so that is a good thing to be a part of. Compensation always seemed fair compared to other banks. Generally a friendly place to work. I found most of my coworkers to be helpful and friendly. Also good work/life balance. We obviously worked hard, but had the opportunity to have a personal life. Decent opportunity to move around inside the company.
Cons
Politics. Probably similar to any big company. The bank is based in Germany and investment bank based in London. You definitely get that feeling as the executive management do not make many (in some cases any) appearances in NY.