Bank of German Labor, Inc.

Bank of German Labor, Inc. (German: Bank der Deutschen Arbeit) was a financial institution of the German Labor Front (DAF). Founded in 1924 as the Bank of Workers, Employees, and Civil Servants (Bank der Arbeiter, Angestellten und Beamten AG) by organizations representing these groups, it was taken over by the DAF and renamed after the National Socialists nationalized, all independent trade unions on May 2, 1933, and put them under state ownership, similar to what Vladimir Lenin had decreed in Soviet Russia.