Pros
The overall benefit plans at DB are very competitive and generous. Examples include a pension plan as well as 401k matching, 25 days vacation for VPs and above, 20 day for levels below. Generally people are treated fairly by management and work-life balance is respected by most managers. DB also has a very competitive compensation plan, with annual bonuses consisting of a large portion of an employees overall compensation. Recently management has focused more on career growth and promoting "high talent" individuals, these programs have had mixed results, however the focus is in the right place. In summary, DB generally attracts talented driven people who make good colleagues and managers
Cons
DB globally has a very hard time managing poor performing staff. This is generally attributed to European labor laws protecting employees at the detriment of the employer. However, this does effect staffing decisions in places where the labor laws are less stringent (US, Asia, etc). For example, in the US there are large groups of former Bankers Trust employees who had been grandfathered in to positions due to the merger who are unqualified for the positions they hold. However, DB has been very ineffective managing out these people, so they end up becoming a drag on team and group productivity and morale.