[throwawaymlc]

I am in a very similar situation, 4.5 years in at a large / prestigious organization where I was thinking there was a lot of scope for progression and I could stay long term.

First 3 years were great, good work and appraisals, I learnt a lot. After that, things deteriorated quite suddenly, a combination of some urgent but poorly conceived projects, passive management, too much time in meetings, a few layers of extra paperwork / approvals introduced.

Basically, the work environment really did go downhill, but in hindsight I didn't deal with that very well or put together a plan to move.

I would suggest you come up with a plan to bring this to a head sooner rather than later. Try to do an excellent job with your status reports and pointless meetings, so that you can transfer or get a good reference from your manager, and leave on a high note. At the same, research the market for your next job, pick up any missing skills, and prepare for a move on your own terms and schedule. Don't let the situation fester without doing anything about it.