Pros
Large international presence; pretty willing to move loyalists around the firm. Well known name in financial services - DB has a top 5 presence in pretty much every major investment banking product offering globally. Relatively entrepreneurial and laid back culture compared to other investment banks.
Cons
Focusing on the US, DB's is really punching below its weight. The firm has great potential to be a true top tier player in US IBD given the strength of existing platform, emerging relatively unscathed from the credit crisis, and some very good recent hires. However, strategy seems incoherenet and US firm culture is composed of cliques and groups from other firms, who seem to be prouder of working at [Goldman/Morgan/Lehman/Merrill] and treat legacy DB employees as 2nd rate. One to watch for the future, but there are better places to be right now.