PayPal

There tend to be organizational restructures once every year or so, essentially the same employees and managers being reshuffled into different groups/organizations. It can be a real distraction overall.

The codebase is largely ancient and with varying quality. Although there have been company-wide efforts for migration and cleanup, there is still a long way to go.

The quality of the middle managers (senior managers, director levels) varies a lot. Some are really soulless, who simply take orders from above without much consideration for nurturing people, or really care about customer needs.

Domain silos. This is observed between different technology groups. There are cases in which domain ownership (or lack thereof) takes precedence over sound architectural considerations.

PayPal is always a technology company.

Never underestimate competitors, however small and naive they are currently.

Re-look at the KPIs and make sure they make sense practically (e.g., the great unit-test line coverage chase in 2013).