Pros
Career politicians can thrive here. i.e If you would rather go into meetings than be on the front line and agree with your boss you will get paid. If you are a real trader/broker-work somewhere else that will pay you for making money, not making "friends". If you can play this game you can win without actually performing well.
Cons
No 360 review so it's hard to be be fairly judged. Some incompetent people make it up the ranks and end up in management positions. These same people give solo reviews and there isn't any input from anyone else. Your bonus/promotion will be decided by an MD who's relying solely on your bosses' input which he/she can easily lie about as no-one else is involved and the MD will be none the wiser. It's a flawed process.