Pros
The only Pros are compensation - salary, benefits/retirement - From my perspective and experience only.
Cons
I was hired on as an FTE after working at TIAA-CREF as a consultant for 4 years. I should have never accepted this job. I had at least 6 managers in the 2 years as Tech Lead, and the work environment was dysfunctional to say the least. Management speaks poorly of other managers and peers - just not a good place to work. This being said, I only worked in 2 departments - so I am speaking of my experience only. Other teams/departments may be much different. I was unhappy working there - yet making great money and had great benefits. Very poor management. And working there as a consultant and then Tech Lead for 8 years - I had roughly 10 managers and the most during the last 2 years I was there. So much dysfunction and so many mistakes and poor decision making.