Vantaggi
Good culture so good that when you switch to other firm you will keep on comparing it with MS and in every aspect you will feel morgan is a better place. Friendly managers and teammates but it will depend on you team some are very good some are worse. Luckily I was in a better team. Bonuses differ drastically between teams for same experience level and same performance. Unfortunately I was in a bad team for that matter. Excellent for freshers. They are valued much more than lateral hires. Work life balance if it matters to some one is very good in few teams. You will get to work with some great people atleast few people in every team are from premier institutes like iit bits etc.
Svantaggi
If company performance poorly in one of the quarter or if there is any hire freeze it will most certainly be followed by a layoff excercise. Laterals are the only targets in the process and your performance will never matter in there decision process. very rarely any management people loss there job. People who joined the firm as freshers are never targeted for layoffs.