High-school-like cliques; you're either in or out, resulting in an abundance of gossip and "Mean Girl" behavior
Favoritism of certain employees and no real structure for annual promotions
If your opinion disagrees with management too often, you most likely will be looking for new employment
Well thought out cross functional team developed projects will change at the whim of the CEO last moment-- and not in a "keep up with a fast paced environment," or, " you need to be adaptable," way.
Company culture only really exists if you are located at headquarters or in "the club"-- otherwise you have to fight for your rights and are left out of social events, meetings, company retreats, etc.