Pros
Fidelity is a large company with many different business and product lines - this means there is a great deal of opportunity. It also invests a great deal in new technology (almost too much without thinking through the on-going production and operations costs). Fidelity also has a fantastic benefits package which makes up over 30% of total compensation - excellent healthcare options, dental, 401(k), etc. Fidelity also has some of the smartest people I have ever met or had the pleasure to work with, they are creative, driven, articulate, and for the most part have a good sense of humor.
Cons
Even though Fidelity says career advancement is about the people management, managers are still promoted for technical ability, no people management skills. Also, while Fidelity talks about work life balance, my experience is 'face time' (late nights, early morning, vacations on email, giving up most of your vacation days) is how you are taken seriously. I've heard managers say that even though the work week is 37.5 or 40 hours (depends on site) that if you don't work at least 55-60 hours/week then you are not doing your job and contributing to the firm. Employee recognition (at the individual department and manager level) is virtually non-existent, most often employees get back handed compliments, 'you did a great job but here is how you could have improved...'. Kaizen (continuous improvement) is great, but my experience has been strengths are minimized and areas of improvement are the primary focus. This approach can be very disheartening to a business team or group as well as to individuals.