Reorganizations every year leading to lay-offs and selling off divisions.
Lots of meeting, red-tape and too much politics.
Lots of middle management, and on top of that very few managers are technical! The interesting thing is that the company calls them leaders and spends a lot of money on developing leadership skills for these managers, but in actuality, they are just supervisors and they have no idea what they are doing. And the engineers that actually do the hard work are undermined and are usually the ones that get axed during the annual re-orgs because upper management is clueless of what is really going on!