Pros
It seems pretty difficult to differentiate most of the larger investment banks from each other, but I believe Deutsche Bank is well respected on the Street. Salaries are competitive.
Cons
Similar to all banks, but also depending on what group you work in, a 40-hour work week is unrealistic. You get paid well, but you're expected to work long hours to finish the job. You get 5 weeks of vacation time / personal days, but I don't know anyone who would actually be bold enough to use all the allotted vacation time--face time is much more important. Similarly, even though the company offers flex time and working from home arrangements, I'm not sure I would be willing to pursue those options for fear of jeopardizing the quality of my bonus. Lastly, the cubicles are uncomfortably tiny (they are so short they only come up to your neck), so there's not much privacy.