Pros
Obviously it depends on what area you are in, but overall I have found the UBS culture is friendly and supportive. I have heard people speculate that this is because the bank still maintains a European style relationship with its employees. I came from another bank in which, after a seemingly endless series mergers, everyone felt like they were walking around with a bulls-eye on the back of their head. People were miserable. I really have to say that given that experience I found the whole atmosphere at UBS like a breath of fresh air.
Cons
It has been a tough year news-wise. Between the 50+ billion write down, the cross-boarder issues and the auction rate security mess, UBS has been on the front pages way too much for my comfort. The Stock has taken a nose dive. One never likes to see one's employer take it on the chin because you would have to be an idiot not worry about job security in this market. That said, it has been tough for all Financial services companies.