Pros
Great benefits. If you're in a high-performing division in a given year, a great bonus. Money was not liberally given for projects, yet it did seem to be spent on the most important things to my actual work (computer, software.). People are smart and hard-working.
Cons
The focus is more on financial engineering than bold technical innovation. The main strategy by management is to buy other companies with established niches, and keep improving the received products until the market has dried up, then repeat. Their is no room for home-grown new products or bold new directions. This can make being an engineer feel humdrum by its constraints. Also there is relentless cost reduction, where basically everyone everywhere is working harder each year, with continual periodic layoffs.