Pros
Great brand name, some very smart people working on some very challenging assignments (Thanks to regulators!) which can be great learning opportunities for people belonging to the right cohorts, fraternities or sororities. Make sure that you have a sponsor with a rising star at the firm from Day 1. "Who you know matters a lot more than what you know", applies very well here. On a related note, many functional leaders lack the basic product knowledge so staff (VPs and below) does all the heavy lifting which can be wonderful if you believe in, "If it does not kill you, it makes you stronger."
Cons
Most large banks are under severe regulatory scrutiny which has translated into lots of pressure on employees, especially ones in the back office functions like Finance and Risk. MS has been struggling to meet its commitments to the street for a few years and that does not help anyone working there. Front office bankers and some functional leaders are not making as much as they used to and their disgruntlement translates into a pressure cooker environment for all the support staff. Lots of times junior employees in risk functions are asked to cooperate with business and other teams when the regulators expect risk functions to be impartial and diligent. This could be a career limiting move for everyone, especially for those trying to build a long term career without enough leverage. Promotions and salary hikes are awarded based on leverage primarily based on personal affiliations and preferences rather than merit. Don't believe HR or anyone else if they tell you otherwise. HR is the leader of labor cost reduction initiatives and under a lot of resultant pressure.