Pros
The RBS Group itself is huge, but the individual divisions and departments within can make it have the small company appeal, with people talking directly to each other and helping out each other with positive attitudes. As with most places, the people are a key factor in making the bank a great place to work. The salaries are never going to compete with the media industry for example, but the benefits are great with RBS using their size to get great discounts.
Cons
The stigma attached to banks (i.e. job for life) has proven to be true, and there are many people here for the long haul. The major downside to the bank is the lack of freedom to improve yourself technically due to the layers on control that quite rightly have to be imposed. Therefore, a large chunk of the workforce are great at their jobs but are limited in how technically knowledgeable they are.