Wrong people in management. Recently lots of offshoring, stifling turnaround time on development, sync on requirements or issues, and meetings with India folks became very early in the morning or late at night. Lots of architectural dependencies on multiple systems, causing long turnaround of product launches that can bring huge value to the business. High turnover rate in staff and management. Because of this, you are constantly spending time dealing with new folks who need to be brought up to speed. Big changes with each new management that come in, without preparation ahead for the negative impacts that should be so obvious to any good leader with a brain. So either they don't care, or they are not experienced enough to foresee them. Be prepared to work with developers with no clue on how to keep the code base intact. Lots of bugs discovered during UAT phase, and often a fix breaks something else. No accountability when escalations occur, which means weak individuals stay for a long time, slowly decaying any motivation and good culture that's left out of the org.
Heavy processes set in place, too many approvals required from various stakeholders before being able to start development or before a launch. The lack of trust is warranted however. So many production bugs found should've been obvious to anyone who knows the business fairly well. Again it's caused by 1) contractors offshore with below average knowledge in the business, 2) product teams are not on the same page in terms of the user experience or prioritization of features. Expect very little before a planned release, something will come up and delay launch.
Diversity is lacking. Prepare to feel out of place if you are a hard working individual who wants to do the right things. You will work lots of hours doing ad hoc stuff for your manager that's not expected any place else, mostly because other people are not doing their jobs.