Pros
Pros are the history that this environment carries. I did not see any other pros.
Cons
No work life balance. Dirty office politics. They will pay employees high money because they don't trust their employees. Poor management threatens employees in the name of cost cutting so that they will not ask for anything else. A sense of status quo even when the market share is being lost. People are highly stressed out in their job which means the company culture is not good. They have people working in there for 10 -15 years and hence they lack the outlook of outside world. They don't hire inexperienced people and ask existing employees to check with family members and friends about what other organisations are doing. They hire contractors and treat them like second class citizens. Appraisals are sole discretion of Managers so they will raise pay for whomever they like. Management is very arrogant and won't listen to their shortcomings. And the list will go on.