Pros
UBS is becoming increasingly profitable as it continue to sort out its problems from the past. They have also managed to finally stay out of trouble for a while, and performance-wise, the prospects of the firm are better than ever. UBS is still a bulge bracket firm with a good reputation on the Street, and you get to work with top notch individuals.
Cons
None of the improvements in financial performance have translated into additional benefits, pay raises, or better bonuses UBS seems to be perpetually in cost-cutting mode. Too many people are overworked and under-compensated. There seems to be a general lack of appreciation for employees, which in the past would have been overlooked with good compensation. Now, don't get me wrong. Pretty much all of the big investment banks are on the same boat. If anything UBS is probably one of the better ones out there. However, comparing it against companies in other industries outside of financial services, UBS becomes increasingly less attractive as an employer.