Pros
Those who are patient and wait it out will eventually be rewarded, regardless of their competence. Base salary is ok. There's not a great deal of pressure of staff. Overtime isn't usually expected.
Cons
Competence and new ideas are feared and discouraged. A culture of celebrating mediocrity keeps poor managers in a job. False economies that cut costs in simplistic ways but don't consider the knock on effects that ultimately waste more money than what was saved. Bonuses are the poorest in the industry and have seemingly nothing to do with merit or performance appraisals. Yearly staff share scheme was cancelled without explanation. Very weak HR. Result is business lines doing as they please for short term gains while doing long term damage. Management are generally avoidant of confrontation. Result is a tense undercurrent.