Vantaggi
It's a friendly company. Unpleasant co-workers are few and far between. People who came to us from the big national banks tend to say WaFed is much less stressful since we don't have quotas for opening new accounts... at least among the rank and file. (I think Branch Managers are held accountable for growth). Supervisors I've worked under have typically been exceptionally competent and supportive of me learning new skills for career advancement.
Svantaggi
It's mainly the low pay. If you plan on staying with the company long enough to fully vest in your 401k, the company contribution (currently 4% matching plus 11% "for free") probably makes the compensation competitive with other banks. Also, our software is antiquated, but an exciting upgrade project is underway.