A bloated, self-serving layer of senior management has destroyed any hope for development and stripped all autonomy away from those 'beneath' them (and despite the lip-service paid to their culture, you are 'beneath' them).
Fantastic benefits are just a plaster over the wound that is the stressful, walking-on-eggshells, nobody-is-safe and those-above-me-will-screw-me atmosphere that has taken over what was an incredible place to work SO THOROUGHLY that it almost feels deliberate.
There are plenty of competent and friendly people there, and it's soul-destroying to see their best years taken and their promise sabotaged by those in power who feel threatened.
The constant strategic 180-ing and organisational re-shuffling only heightens the fear and uncertainty that has permeated the place.