Pros
The company's global scale does allow for many opportunities. The company is also very generous with its benefits packages, providing options that most private employers shun. In terms of compensation, the salary ranges can vary widely - it all depends on the location where you're working. Of course, there is an emphasis on experience when it comes to salary, but corporate culture is very hush hush about pay rates.
Cons
There are some decisions that come down from the top that just make you shake your head. The company is global that the 'Chiefs' speak, but it really doesn't do anything because executive and middle management has no interest in changing what they're doing, for fear of losing their own job. Also, the company is continually looking to offshore jobs in the US to Sri Lanka, China and India. This hurts morale in the US and creates tension between the locations as the job ethos in the US is different than in Sri Lanka, China and India. The bank's culture is also very secluded. You don't say one thing to one manager because it might upset him/her and come back to your manager - you can't just do your job, you always have to play the politics game.