Pros
Morgan Stanley is the epitome of Darwinism. It is a place where the best will survive. You are rewarded for doing a good job and generally paid well when you do. When you are a standout, the rewards are that much better, whether it be responsibility, new project work, promotion or compensation. Sometimes it takes time for the weaker players to be weeded out. People like this are usually in positions that require diligence in getting the job done, but leadership skills are not the cornerstone of the role. It is for these reasons that I have enjoyed my time working for such a great company.
Cons
When people talk about work life balance, I think they are being a little harsh to say that Morgan Stanley does not provide it. It is true that when you do a good job, you are rewarded with more work, and then you have more to do. It is more a case of you being the victim of your own success. If you do need time off for a personal reason, I have never seen a case of it being rejected. Most people at Morgan Stanley are true to the culture that Sr. Management breeds.