Pros
Huge, innovative global investment bank with a good reputation. Technology is cutting edge and excellent for an organization that size. Despite market turmoil company is solid and well managed. Growth opportunities exist but usually only for newcomers. Desirable locations for offices to work in.
Cons
Unfortunately many. The biggest downside is lack of security. In my 2 + years there I witnessed severe attrition and laying off. While I can't pretend to know what was going on in each business unit, it did seem that the people who had been with the firm the longest were the first to go. Some well known departments were wiped out and replaced almost entirely. I suspect this is to avoid paying an accruing pension and because of "job performance". The ruthless bankers and managers seemed to be the only ones that survived. Ruthless business I understand, but I've met plenty of successful people who didn't resort to ruthlessness to survive. I would also have to complain about some of the middle management. Some of the people chosen to serve in the ranks of middle management were flat out incompetent. My department was re-orged entirely, I was told my job had been outsourced, so I went out and got a better job. Some who decided to stay on got fired instead of a new job as a consultant. All in all, it's a big name shop and if you can get in it's a good place to work, but like a lot of other big name companies, be a little leery of what is "promised" at your interview. You will pay dues no matter where you come from, you will probably not make as much as you thought, and after years of dedication you will probably get pinched. Wish I could be more optimistic but I saw several senior bankers in full crisis mode after losing their jobs when they were obviously planning on retiring from the company. I realize times have changed, but Morgan Stanley doesn't even pretend to honor your time spent there, and to me that kind of sucks.