JPMorgan shareholders vote down pay bump for CEO Jamie Dimon

New York (CNN Business) JP Morgan Chase investors on Tuesday voted down a multimillion-dollar payout for CEO Jamie Dimon.

The pay proposal they rejected included a massive $52.6 million retention bonus as part of Dimon's 2021 compensation package, just months after the bank's board approved the incentive. With the bonus, Dimon's total compensation was $84.4 million in 2021 , up from $31.7 million in 2020.

But Dimon may yet get that payout. The compensation package is for 2021 and results of the " say on pay " votes are non-binding. Still, this is an embarrassing blow to the bank, not to mention Dimon himself, and JPMorgan's board said it takes investor feedback "seriously."

The new compensation package was designed to keep Dimon at the helm of the bank for the next five years by awarding him 1.5 million stock options that vest in 2026. Shareholders also voted down a similar one-time $27.8 million special awards package for JPMorgan Chase COO Daniel Pinto.

Less than a third of shareholders approved Dimon's pay package at the bank's annual meeting this week. That's the first time since 2009, when JPMorgan first began investor votes on executive compensation, that a majority voted against such a measure. Last year 90% of shareholders voted in favor of the bank's 2020 pay packages.