Pros
I had tons of responsibility when the firm was re-constituted. Then, as one partner left and others were hired, the reporting lines where changed. It is really hard to go from more or less reporting to the head of the firm to reporting to some guy that had been fired or fried from Kidder and another that came from Fashion, but c'etait la vie.
Cons
There are layers of management; however, what Gil wants, Gil gets for the most part. I have nothing but good things to say about him. Mr. Goldberg and some others who were there do not work as hard as he does and freak when it is discovered. In the end, it was a great experience and investment banks are not places to develop management skills. You do deals, work long hours and make bonuses: the essence of American capitalism and the savage part of it.