too many layers of management - too many associate directors who aren't competent on making the right decisions.
started to layoff people - laid off lower non-manager levels, but the middle management stayed. The remaining lower level staff are so swamped with the extra work from layoff coworkers yet afraid to complain due to job security.
too many politics
limited career growth opportunities unless you are well connnected. request for promotion is a lengthy process. be proactive to take on development or rotational assignments as these will help to move around internally.