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Ana Botín doesn’t have “normal” days.
As the decade-long executive chair of Santander, one of Europe’s largest banks by total assets, she’s always flying from one part of the world to another (when she chatted with Fortune, she was back in Madrid from a visit to Mexico, gearing up to head to Doha and New York in subsequent weeks).
In 2014, when Botín succeeded her father, Emilio, the longtime chairman of Santander credited with making the bank a household name globally, she had big shoes to fill. Today, she’s one of the few women to lead a major bank, counting over 170 million customers. Yet she doesn’t let that burden get in the way of her jubilance. Santander’s blockbuster profits of €12.6 billion last year, up 14% from 2023, followed by plans to return €10 billion to investors over the next two years, may be part of the reason for this.
Santander spent the better part of the 21st century expanding its business and navigating Europe’s regulatory thicket. However, some of its business bets, such as its focus on digital banking, have started to pay off. Santander has recently benefited from a confluence of other factors as well, including higher interest rates following the COVID-19 pandemic, robust retail spending, and a strong performance from its investment banking business in the U.S.
The Spanish lender has continued to multiply its customers, eclipsing the same figures at behemoths like JPMorgan Chase and Bank of America (as Botín pointed out to President Donald Trump at a World Economic Forum panel in January).
TotalEnergies chairman and CEO Patrick Pouyanne (2R) asks a question to US President Donald Trump (on screen) next to Banco Santander executive chairperson Ana Botin (L), Bank of America chair and CEO Brian Moynihan (2L) and Blackstone Group chair and CEO Stephen Schwarzman, during Trump’s address by video conference at the World Economic Forum (WEF) annual meeting in Davos on January 23, 2025. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)
Santander’s shares have more than tripled in value since the fall of 2020.
Botín says experiencing Santander’s boom has left her feeling “like Jeff Bezos,” a fellow leader who weathered a decade of stock market under-performance in the 2000s before investors globally recognized the tremendous value he’d created in Amazon.
Today, a key piece of Botín’s job goes beyond the bread and butter of banking; she needs to stay abreast of trends like AI and regulation. How she does that is with a trait she looks for in those she hires at Santander: a sense of urgency.
“When you want to change an organization of 200,000 people, it’s almost like changing a government,” Botín told Fortune.
Botín may be the most celebrated female leader in Europe’s financial sector, but there’s more to her than a clear passion for the bank she leads: She’s a keen golfer and wearer of Zara jackets who maintains a policy of no email after 7:30 p.m.
“When you want to change an organization of 200,000 people, it’s almost like changing a government.”
Ana Botín tells Fortune
Her typical routine consists of wellness rituals that keep her active. She has also accepted that her lifestyle isn’t without its sacrifices, given her high-stakes gig: “I’m a very happy person, but I cannot enjoy my hobbies as much as I would like, because I need to be—literally—like an Olympic athlete,” she said. “If you have a mission that matters … it’s worth it.”
Following the Santander board’s €6.3 billion dividend announcement, we sat down with Botín to discuss business, life, and more.
This interview has been edited for brevity.
Down to business
Fortune:Which long-term trend are you most bullish about for society and the economy at large?
The rise of AI and automation is going to be the defining trend of the 21st century and will be a disruptive force in society. It will bring increased prosperity in the long run but requires [us] to rethink how government builds new frameworks together with the private sector and academia that rewrite the rules of competition, taxes, education, and pensions, amongst others, to address disparities that exist already and will widen between different sectors of the economy and people.
How can European leaders address the productivity gap with the U.S.?
We are in an era of disruption, and we have to be honest with society about the scale of the challenge and the urgency of the need for change. To do that there are some quick wins, like focusing on reducing regulatory and supervisory complexity. But longer term, we must do much more to embrace innovation and enterprise, creating a business environment and culture that rewards smart risk-taking. And a new “social compact” is essential.
Being productive
What time do you get up, and what part of your morning routine prepares you for the day?
My usual morning routine involves waking up at 6 a.m., spending 10 to 20 minutes relaxing and drinking warm water with fresh organic lemons—very alkaline—followed by Americano coffee with cashew milk, and doing e-mails.
“The rise of AI and automation is going to be the defining trend of the 21st century and will be a -disruptive force in society.”
The Santander head approaches AI with equal parts enthusiasm and caution
I then do 45 minutes to one hour of cardio and weights, followed by breakfast: homemade gluten-free bread; avocado with a spoon of apple cider vinegar, which regulates insulin and glucose levels; olive oil; and protein—two eggs and/or turkey or sardines.
How late do you work? Do you continue sending emails during the night and on weekends?
I try to stop sending emails after 7 or 7:30 p.m., both during the week and [on] weekends. I also try to not send emails on Saturdays, so we all can take a day off (not always possible). I generally use Sunday mornings to work on reading and writing, and Sunday afternoons (not always) to catch up on one-to-ones with the team. I follow the same routine every day and skip dinner at least five days a week.
What apps or methods do you use to be more productive?
My Olympic gold medalist nephew, Diego, introduced me to the Oura Ring four or five years ago, and I also use Fitbit to track cardio health [and] sleep. I measure daily what helps me sleep better so I am able to have the energy for sports and work and to enjoy my free time (there’s not much).
GULLANE, SCOTLAND – AUGUST 03: Ana Botin, Executive Chair of Banco Santander plays a shot on the 1st hole during the Pro-Am prior to the AIG Women’s Open at Muirfield on August 03, 2022 in Gullane, Scotland. (Photo by Oisin Keniry/R&A/R&A via Getty Images)
Who is on your “personal board”—that is, who inspires and motivates you?
My family is the biggest inspiration for me: My mother, Paloma O’Shea, has given me a great education and has been an example of hard work and aiming high. She literally founded the Escuela Reina Sofía in a garage 25 years ago. Today it ranks alongside Curtis Institute and Juilliard as a top musical education school. The school’s orchestra will perform at Carnegie Hall in November.
My husband, Guillermo Morenés, has also been an amazing partner. We have three sons together and made a deal at the start that we would share responsibilities for the family 50/50. This support has been essential, and I could not have been able to balance career and family without him.
Finally, Seve Ballesteros, a two-time Masters tournament champion golf player, taught me golf and also how to trust yourself for those impossible Seve shots.
Getting personal
As a consumer, what is your favorite company and why?
Inditex, owner of Zara. I have a Zara €50 jacket that I got eight years ago, which I still use and gets mistaken for Chanel. This is my aim for [Santander’s digital] Openbank: a bank that works for everyone, from the young 20-year-old to the investment manager to the retired pensioner, that is also an “aspirational” brand, affordable but “cool” and fashionable. Zara’s ability to constantly innovate while maintaining its core values is truly inspiring.
And to end on a lighter note: What’s your favorite cuisine to cook and eat?
I love to cook a tortilla de patatas [a Spanish omelet]. The ingredients are simple: just eggs, potatoes, onion, and a little oil. Delicious.
CEO Agenda provides unique insights into how leaders think and lead, and what keeps them busy in a world of constant change. We look into the lives, minds and agendas of CEOs at the world’s most iconic companies.Dive into our other CEO Agenda profiles.
This article appears in the April/May 2025 issue of Fortune with the headline ‘CEO Agenda: A Q&A With Ana Botín’.
China’s top diplomat called on the U.S. to remove tariffs it imposed on Chinese goods for Beijing’s alleged role in America’s fentanyl crisis before holding any talks on the matter, deepening a stalemate weighing on trade ties between the world’s two largest economies.
“If the U.S. side really wants to solve the fentanyl problem, then it should cancel the unjustified tariff increase and engage in equal consultation with the Chinese side,” Chinese foreign minister Wang Yi said in an interview with Russian state-run news service RIA Novosti on Tuesday.
Wang’s demand came over a week after U.S. President Donald Trump’s ally Steve Daines met with top Chinese officials and asked Beijing to stop the flow of the drug’s ingredients into the US as a condition for talks. The opposing requests dim the prospect of high-level talks to ease tensions a day before the US president is set to announce his so-called reciprocal tariffs on global trade partners.
Fentanyl has become a flashpoint in U.S.-China relations, with Trump accusing Beijing of having done too little to stop the drugs and their precursors from entering the U.S. China in turn accused the Trump administration of using the issue as a pretext to raise tariffs. Last month Chinese officials said that the U.S. owes Beijing a “big thank you” for its crackdown on the opioid trade.
“If the U.S. side persists in exerting pressure and even continues to engage in blackmail, China will resolutely counteract it,” Wang said, according to a transcript published by the Chinese Ministry of Foreign Affairs.
Wang made the comments during a visit to Moscow where he met with Russian President Vladimir Putin and foreign minister Sergei Lavrov. During his discussions—taking place just over one month ahead of a planned visit to Russia by Chinese leader Xi Jinping—Wang reiterated the importance of China-Russian ties, describing the two nations as “forever friends and never enemies.”
He also repeated that China was willing to work with the international community, especially the countries of the Global South, to play a “constructive role” in any peace settlement to end the war in Ukraine.
Opening a Lego set can feel equal parts overwhelming and exciting. With numerous bricks and tiny details laced into each element found in a box, the eagerness to build brick castles, rocket ships, city skylines, and more has attracted kids in droves for 92 years.
Few companies have been able to replicate Lego’s success thus far. Its toys span generations, from adult hobbyists reconnecting with their favorite toys to the next generation.
Since its humble beginnings in 1932 as no more than a carpenter’s passion project, Lego toys have become an indispensable part of childhood. Name the topic, and there’s likely a set for it, whether architecture, anime, racing, or jazz music.
6-year-old Philippa Smith plays with a Lego city at Selfridges department store in London, 22nd August 1962. (Photo by Kent Gavin/Keystone/Hulton Archive/Getty Images)
Over the decades, Lego could very well have been replaced by more addictive and appealing electronic gadgets. But that wasn’t the case—if anything, things couldn’t have been better for the family-owned Danish company. It reported record results in 2024, with a 12% sales growth against the toy market’s 1% decline.
What, then, is Lego’s secret sauce to keep kids (and, more recently, adults) hooked to its colorful bricks?
Fortune takes an exclusive look behind the scenes of Lego’s product development and the secret to keeping the iconic brand relevant.
One of Lego’s long-standing themes—space—illustrates what makes its approach unique and helps it stand the test of time. Space was one of the company’s three official categories within which it developed toys (“castle” and “city” were the others) dating back to the 1970s. It was meant to represent the mysteries of the future, much like castles did for the past. Space’s popularity with kids has endured through the years as it has captured kids’ imaginations as a realm of endless opportunities.
“Lego-building is a passion in its own right,” Julia Goldin, Lego’s chief product and marketing officer, told Fortune in an interview last year.
Listening to kids, for kids
Lego realized early on that there was no proxy to understanding what kids want without hearing from them directly. Goldin said the company made this deliberate decision about 10 years ago, and it’s helped the company change how it pursued toy-making.
“What makes a Lego set unique is, first and foremost, really understanding the audience,” Goldin. “Not just understanding what will be of interest for them, but what are the right dynamics of the experience.”
APPROVED JULIA GOLDIN HEADSHOT FINAL
The quality of Lego’s bricks is another factor that sets it apart, as sets can get passed from one generation to the next, according to Frédérique Tutt, global toy industry advisor at market research firm Circana. Unlike mindless games, parents think their kids could gain something good from Lego toys, whether that’s engineering abilities or using their creativity.
“When parents buy Lego for their child, they think it’s going to help them build their brain,” Tutt told Fortune. “They [Lego] try to develop products for anyone and everyone.”
Turning an idea into reality
As a long-time toy maker, Lego has developed a well-oiled machine to help it constantly generate new ideas. The company does a “boost week” once a year—think of it like a rapid brainstorming session typically associated with startups that spur new concepts. Designers come up with fresh ideas or work on existing ones, giving them creative freedom outside their day-to-day schedules. There isn’t a checklist of what needs to be achieved, although the goal is to see what can be turned into a potential Lego set, said Daniel Meehan, one of the brick company’s creative leads.
The next step is to figure out how “decodable” the models are, including finding elements that tell stories and make them easier to play with, like Lego astronauts or purple collectible crystals.
In addition to milking ideas from the company’s designated toy developers, the company hears directly from its audience.
“We play-test stuff as well with kids extensively,” Meehan said.
The company brings kids together across the world, from Germany to China, to see what they want more of. That process yielded one of the critical elements we see in Lego’s space-themed sets today, said Meehan, who is spearheading the company’s recent space campaign.
During one of its space “DIY tests,” one of the kids was flying around a vehicle with wheels, collecting aliens along the way—both of which weren’t part of the initial set’s design.
“We’re very practical, we’re adults … but in the eyes of kids, it was a perfect space flying vehicle. But there was one complaint: he [the kid] said we need more aliens. And we actually did put more aliens in the box as a result of that one kid,” Meehan said.
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The addition of aliens to Lego sets, such as in a Lego space station, adds more layers to what would otherwise be a straightforward set and also marks a common thread that ties sets from other categories together. For instance, Lego aliens can also be found in the space science lab and rover sets. The little green creatures were deliberately designed to look alike as a cue to Lego builders, Meehan tells Fortune.
Lego’s quality and complexity can make its products expensive—sometimes pricier than the latest iPhone. That’s especially true of products pulled out of the market, making them rare. The novelty of its products has made them a collector’s dream and even the object of $100,000 heists in the U.S. The company says it offers sets across different price points so no one feels priced out. Its most simplified products can cost single-digit dollars, just as its 7,500-piece Millennium Falcon set could cost about $960.
For the love of detail
To be sure, Lego’s care for quality and detail isn’t a new phenomenon. The company’s founder, Ole Kirk Kristiansen, imbibed it strictly to his son, who once tried using two instead of three coats of paint to hasten an order and was reprimanded.
The company’s penchant for detail applies not just to its space creations or toy development process but also to its business. Goldin, for instance, straddles meetings that look at the company’s present performance while also discussing the pipeline for the next few years.
So much of the Danish company’s legacy as a toy maker is linked to how it makes play accessible across age groups, interests, and experience levels. The theme of space, Meehan explains, can be aimed at three types of audiences: storytellers, who are mostly kids with a fascination for the subject; enthusiasts, who have an interest in learning about the field; and others, who are generally drawn to all things space, including its artistic side.
“Another strength they have is they appeal to the young children as well as the teenagers or adults with intricate pieces. So, they grow with you,” Tutt said.
MUNICH, GERMANY – MAY 25: A kid is playing with LEGO during the LEGO Summer Birthday Bash on May 25, 2022 in Munich, Germany. (Photo by Marc Mueller/Getty Images for LEGO Summer Birthday Bash)
The granular approach also applies to how Lego prices products and designs, and markets sets for its up-and-coming adult fanbase, ensuring there’s a toy for everyone. But one thing is sure: irrespective of the motivations, the company tries not to dial down on details because that gives Lego toys their character.
Goldin says Lego fans “really notice” the little elements it adds, as they “bring a lot of excitement.”
“It’s much more than a toy because it’s a very immersive experience,” she said.
A version of this story was originally published on Fortune.com on Aug. 25, 2024.
Australian foreign minister Penny Wong urged universities to seek greater research cooperation with partners outside the US following the Trump administration’s threat of funding cuts to the sector.
At least seven Australian universities are facing a potential reduction in funding after they received lengthy questionnaires from the U.S. government asking how their projects aligned with President Donald Trump’s domestic and foreign policy priorities. Industry group Universities Australia said the change could affect as much as A$600 million ($377 million) in research funding.
Wong said that just as the Australian government was encouraging businesses to broaden their trade markets in response to global disruptions, the education industry needed to follow suit.
“We have to recognize that we live in a different world,” she told Australian Broadcasting Corp. radio on Wednesday. “We will continue to make the case to the U.S. that collaborative research benefits both countries, but I would say making sure we diversify our engagement matters across all our economic sectors.”
Australia, one of Washington’s oldest allies which also runs a trade deficit with the U.S., is bracing for the next round of tariffs due to be unveiled by the Trump administration within 24 hours. Prime Minister Anthony Albanese has said he will not negotiate on a range of concerns raised by the US Trade Representative in a report released this week.
Universities Australia chief executive officer Luke Sheehy told the ABC last week that Monash University and the University of Technology Sydney were among those exposed to potential US funding cuts.
“This is really alarming that Australia’s closest ally, someone who funds more than half a billion dollars of research in the Australian system seeking Australian expertise to benefit both countries, is putting all of that at risk,” he said.