Pros
Benefits and work/life is pretty decent. Great way to learn FINRA regulation and network within the industry. Given regulatory and industry changes in the US the technical skillset is probably less valuable than it was twenty years ago, but is nonetheless valuable. `
Cons
The organization moves at a snails pace and so does your opportunity for advancement. Its so heavily matrixed that getting visibility, and recognition, for your achievements from the people that matter is next to impossible. Moreover, although there are a fair number of great people to work with, there is also a sizable amount that are truly wretched. Some of the most miserable and incompetent people that I have encountered in my career are employed by the firm. Get out after 2-4 years.