Job insecurity - their business is quite unstable with much better competitors. They haven't grown much in the decades they've been around.
Limited WFH and flexibility
Excess politics
They tend to attract people with questionable skills. The good ones leave quickly for better offers.
Too much red-tape: for example the CTO manually approves every developers' Dev database access every month, as the access lasts only for a month. And what's in the dev database? just garbage test data generated by developers and QA staff!
No focus on improvements or getting rid of tech debt.
Work can be stressful at times with tight deadlines, to patch ugly legacy code that has convoluted business logic scattered incoherently (which no one really understands).
Compensation is below market average, which explains a lot of things.