Pros
Good work/life balance, great location, provides access to the financial industry for networking purposes. I found that I left with a good amount of contacts at other firms, which was helpful later. Also, the pay was not bad, nor were the opportunities for bonuses.
Cons
This was easily the most toxic professional environment I've ever worked in. Other commenters are right; the talented people leave as quickly as they can after they realize the caustic environment they've gotten themselves into. Those who stay are unremarkable and sometimes only barely competent, though are usually decent at navigating the complex political structure. Upper management seems to strategically pit teams against one another in terms of competing with funding and other resources, so mid-level management becomes territorial and anxious, which filters down to create an atmosphere of fear and stress. Around new product development, the compliance environment was suspect, dangerously close to skirting around financial regulatory lines. Also no mentorship culture, and if you go in, prepare for backstabbing. There are some horror stories.