Pros
Bank of New York Mellon is a great place to work if you find the right location. I hear less than pleasant things said online about people's experiences at this organization, but honestly things are completely different depending on your division and location. Wealth Management is a wonderful place to work and the environment has been nothing other than friendly and helpful. I would recommend spending as much time possible getting a feel for the work environment at your location during any interview.
Cons
The company is known to be extremely conservative, so while this makes for lower bonuses and compensation, it also makes them more likely to make smart decisions and survive harsh economic times. If you're looking for job security, that makes for a comfortable place to be.