Pros
You might be lucky if you are in those departments of the bank which are the basic drivers of business like Weath Management. Not much scope if you are in the investment banking dept.
Cons
Working on old and crap homegrown frameworks and technologies! Management expects you to work for 50+ hours regularly. On our team there had more managers than developers but the expectations to deliver was like they were developers too. Everyone seems to want to become a manager and no one wishes to write code. Heavens forbid if you are in the Investment Banking IT dept. The Investment Banking business as of now is a non profitable business area, so expect meagre pay raises and bonuses. Absolutely not worthy of an investment bank. Don't take up a job in the Investment Banking IT dept unless they pay you extremely well for sacrificing on a decent work/life balance working on old technologies.Full time employees in the team were leaving regularly every few months. Most of the work is done by the offshore vendors' onsite resources who are offcourse much cheaper. Mgmt had layed off a couple of full timers on the team (offcourse as a larger decision to increase shareholder wealth). Was pretty brutal. You get taken into a meeting room, are told the news and are asked to leave the premises then and there. Doesn't matter if you have been working there for 6 months or 3 years, you won't get to say good bye to your colleagues.I guess it is the "Wall Street" culture, so can't blame one company for that.