Big and consolidated company, you constantly feel as an "expendable asset"... it doesn't matter how important you are, the company will make clear that you can be easily replaced.
Besides that, (at least in Brazil), "manager" is a figurative position with no importance where usually people lacking competence sits and care only for the other incompetent and brown nosers.
IBM has this "yearly formal evaluation process" called PBC (personal business commitment) where you are graded from 4 (worst, you are probably gonna be fired) to 1 (top performer) which is subjective as hell (basically your manager will grade you whatever he wants based on how much he/she likes you. The problem is this rating dictates your opportunities inside the company, as example: if you are not rated 2+, you are not eligible to salary raises, certain training or opportunities.
Basically if your manager doesn't like you, he stalls your life/career for a whole year.