Pros
Job security, reasonably good benefits, and a great atmosphere within certain divisions/groups (like mine). The workload is very reasonable, great accommodation of work/life balance issues, and just decent people overall (at least in my group).
Cons
Weak salary and bonus - I guess they get away with it because enough people want to work for a Fortune 50 company that they'll take the jobs (I have some unique geographical constraints that keep me here). Despite what you're told by HR, no one is ever allowed to earn more than the midpoint for their salary range. I love the group I work with, but am amazed at the pitiful level of internal customer service by WF support departments, and have heard horror stories about the work environment in other areas. Working here is like working for the government - there's a policy for everything, and you don't know what they all are, or even how to find them - they're used against you when it's convenient for someone to do so. Innovation and thinking outside the box are discouraged. Also, every time I read an email from HR, it seems it's about some benefit we've enjoyed being taken away (cash balance pension, PTO days, etc.). Someone in a review said WF is the Wal-Mart of banks - I think that's a perfect analogy.