DETROIT, Sept 24 (Reuters) - The United Auto Workers union could use the General Motors Co [GM.UL] initial public offering to pressure JPMorgan Chase (JPM.N) if the bank does not take steps to answer protests led by church and labor leaders, UAW President Bob King said on Friday.
The UAW said it was withdrawing strike funds deposited with Chase bank and urged its members to move their deposits from the bank as well.
The union took its action to protest JPMorgan's refusal to declare a moratorium on foreclosures in Michigan and a labor dispute at RJ Reynolds, which has received financing from the bank.
"I hope JPMorgan Chase sees that we're serious," King said at a news conference held at a downtown Detroit church.
"We hope that they wake up and it won't be necessary to take further action, but if it is, we won't leave any stone unturned to get justice for workers," he said.
JPMorgan Chase is one of the lead underwriters for a General Motors [GM.UL] IPO that will let the U.S. government start to sell its stake in the automaker that it guided through bankruptcy in 2009 with $50 billion of taxpayer funding.
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