Pros
Union Bank of California is very fair toward its minority employees. It is one of the most "color blind" place I've worked. The issue of work/life balance is treated seriously; it is not a "churn and burn" environment. The vacation, sick time and paid holidays are very generous. Career opportunities are good in some areas, especially in the core financial products where sales skills and management skills are especially important. The company does a good job of communicating its strategy and direction to the employees, especially if you are interested in learning about it and take a bit of initiative.
Cons
Union Bank of California can carry loyalty to long-term employees too far. They sometimes promote and/or retain people they really shouldn't. People promoted past their level of competency are often still retained (even if demoted), which is compassionate, but often works against the greater good of overall morale. Some areas (especially the more clerical ones) are relatively good at evaluating employees and offering feedback, but other areas really lack this. Employee reviews are often done months late, and ratings half-heartedly assigned. There seems to be very little correlation between evaluation and compensation, especially when it comes to handing out bonuses.