Pros: salary, benefits, training available
Cons: Individual management teams do what they want without oversight or consequences
In my two years at Fannie Mae, I met a number of hard working, talented people. Working with these people, combined with the training available, can make for a productive work environment.
Unfortunately, I also met a few aggressively mean spirited managers willing to actively work to "run off" personnel (denial of training, petty comments in front of peers, using 'reply all' for criticisms, etc.) that were not favored or hired directly by them. My team had a high turnover rate (5 out of 20 in 4Q14-1Q15 alone) all driven by a single, favored manager (who was seemingly feared by those below and above) and the HR team unaware of the trend / common elements of these departures.
As to the company as a whole, the base pay, benefits and training available are all terrific. In fact, in my view, many people decide to deal with poor managers in order to keep these.