AT&T

Decent compensation, decent benefits, pension (although making it to retirement is unlikely).

In IT, no outside hiring has been allowed for years. As people leave, the jobs can only be filled by internal people from other teams who are considered "releasable" by their supervisors. The only people considered releasable are those the supervisor would rather get rid of. Therefore, the caliber of people has gone way down, and there's no way to improve it.

You can and will be outsourced at some point. Employees are very expendable and treated as such.

Without exception, a great majority of the hours on a project are consumed by the "process," rather than by the real work. A small project (say, <200 hours) requires approximately 25 documents.

Saving money by blindly turning over all your IT work to button-pushers in India is going to come back to bite you hard.