Also SAN has significant emerging market exposure which hasn't done well this year so far. I'm continuing to hold long term. All this will pass and its a well run company which fared far better than other banks during the financial crisis.
I agree that SAN is a great long term hold. I have been accumulating shares with the scrip dividend. Its unbelievable to me that people complain about the scrip dividend. If they don't like it, just take the payout and pay 20% Spanish taxes on it and stop complaining. Caching! SAN didn't go bankrupt like other banks, and it is now more capitalized.