Pros
The BPI research department is a great place to get experience with empirical economics research, working alongside former Fed economists on monetary policy, financial inclusion, and bank regulation. Management cares a lot about helping you along to the next stage of your career.
Cons
There is no room for moving up in the research department: you're an analyst or a PhD economist. This is great for someone who just needs some experience before moving on to a PhD program or another job (somewhere like the Fed, especially), but not so great for someone who wants to stay at one organization for a long time.