My first job in development was at a lending division at a bank. After that, I was at a large health insurance company. (1999-2005) Waterfall certainly did exist and it got even worse at the health insurance company. My official title was "Application Developer" but I spent about 60% of my time filling out reams of paper that got passed around in meetings with everyone under the sun that took another 20% of my time.

The first time a startup recruited me and described how they worked, I jumped on that mainly because I'd actually be coding.