Pros
Teamwork and within and accross teams is effective and productive with little no politics getting in the way, very much a one bank, one team attitude. Senior management appear to have recognised how under invested IT has been for some time and are making many of the right sort of changes to process and people management. There are lots of signs of improvement but it's slow and painful.
Cons
Lots of carryover from the silos of old where IT would be highly aligned with the business group they cover and not at all with the wider IT direction if one could be said to exist. Though this is changing it's a big culture shift. Base salaries tend to be lower than competing banks. Very difficult to be promoted internally - many people appear to leave to take more senior positions outside of the firm.