Pros
I worked for Morgan Stanley Mumbai, Tech & Data division (Software development) for few years. For first 3-4 years it was a great place to work. There was a focus on technology solutions for the business. People were ethical and genuinely wanted to make a difference. Work environment was open. Also, Firm was doing good on revenue & profits. But after that, due to bad policy decisions and weak leadership hiring, good and talented people from business side and IT side started leaving the firm and the situation deteriorated. I do not see any reason for a talented professional to work at Morgan Stanley now. If you really don't care about your learning and only want to be lured of some percentage of hike, then only join Morgan Stanley.
Cons
Even in Software development divisions, middle & senior management is non technical or out of technical touch. Their only focus is to keep their jobs by politics or otherwise. Firm is New York focused and teams in Mumbai office are mere daily wage kind of labor for them. Very poor facilities to employees as compared to other investment banks & software cos. in India, be it salary structure, cafeteria, transportation or anything else. There is no parity or a logical approach for yearly promotions. It is based on who knows who. Kind of culture that reminds about a typical govt. office. Annual performance reviews and ratings are not transparent.