Pros
1) Compensation and great work life balance are the main reasons to work for PayPal. 2) With a new board thanks to the work of an activist shareholder who also was also instrumental in shaking up earlier management and board there is a new ray of hope and accountability for the future. 3) Risk management is the only place where things are still happening.
Cons
1) More PMs than engineers. So if you are a PM your either cranking out ppts or making cases to get engineers. 2) Strategy is tops down (Snr. VPs and above). Everyone else is a worker bee trying to perform on an already defined roadmap. 3) You almost never directly present to leadership and they never talk to you. Like most traditional large corporations, you do the work and its presented by your manager or his/her manager. 4) Bottoms up innovation yields pats on the back and awards but is never funded to see the light of day. 5) Way more political to an extent that even leaders are afraid of making decisions