Pros
Probably overall higher than average starting comp. Still a very large organization with a multi-national footprint, which can have pro's. If you are willing to stick around while others leave for greener pastures, there is room for advancement, assuming your job does not get eliminated first. Some of the bailout stink going away.
Cons
Morale is horrible across all divisions. Strong, younger talent does not stick around long leaving steady-Eddies and lifers just trying to keep their head down and not get RIF'd. Very difficult to attract good people unless they are making a position jump. Not a very ethical company, not just because of the bailout/Spitzer/Greenberg BS, but because it is a very top line driven culture that values short term goals and weekly profits over sustainable profitability and responsible underwriting. Underwriting basically consists of undercutting the market and hoping the results turn out ok.