Pros
Great talented people, good benefits, and pay is competitive. There used to be a very good reason why people dedicated their whole careers to this company. You could do many different job roles and never have to leave to get a deep set of experiences and expertise. Employees used to be valued...even those late in career.
Cons
Cost cutting mode for the last 10 years...mostly on the back of employees. (e.g, No more pension, 401K match used to be monthly, but now is only once a year at the end of the year, so if you leave in November, you don't get it. The raise cycle dates could be arbitrarily moved out 6 months - this happened twice, employees pay for their own printer- even for work at home jobs, and they cut out money driven recognition programs). At least 50% of the US based jobs have been offshored to India over the last 10 years. Most recently they have announced the intention of having employees move to one of 6 strategic locations after encouraging employees to work from home (anywhere they wanted) for the last 15+ years. If you don't move to one of the 6 strategic (high priced places to live), then you will lose your job. This clearly is a way to get out mid to late career (well compensated) employees who will not move for a company like the new IBM. The company will just churn and burn Millennials from here on out.