SCHEDULE 14A
                                 (Rule 14a-101)
                     INFORMATION REQUIRED IN PROXY STATEMENT
                                        
                            SCHEDULE 14A INFORMATION
                Proxy Statement Pursuant to Section 14(a) of the
                         Securities Exchange Act of 1934

Filed by the registrant  / /

Filed by a party other than the registrant  /x/

Check the appropriate box:

   / /   Preliminary proxy statement      / /   Confidential, for Use of the
                                                Commission Only (as permitted by
   / /   Definitive proxy statement             Rule 14a-6(e)(2))

   / /   Definitive additional materials

   /x/   Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12

                       GREAT WESTERN FINANCIAL CORPORATION
                (Name of Registrant as Specified in Its Charter)
                                        
                            H. F. AHMANSON & COMPANY
                   (Name of Person(s) Filing Proxy Statement)

Payment of filing fee (Check the appropriate box):

/x/   No fee required

/ /   Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

      (1)   Title of each class of securities to which transaction applies:
      
      (2)   Aggregate number of securities to which transaction applies:
      
      (3)   Per unit price or other underlying value of transaction computed
            pursuant to Exchange Act Rule 0-11:
      
      (4)   Proposed maximum aggregate value of transaction:
      
      (5)   Total fee paid:

/ /   Fee paid previously with preliminary materials.

/ /   Check box if any part of the fee is offset as provided by Exchange Act
      Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
      paid previously.  Identify the previous filing by registration statement
      number, or the form or schedule and the date of its filing.

      (1)   Amount previously paid:
      
      (2)   Form, Schedule or Registration Statement No.:
      
      (3)   Filing Party:
      
      (4)   Date Filed:



H. F. AHMANSON & COMPANY          HOME SAVINGS OF AMERICA          NEWS
                                  SAVINGS OF AMERICA

4900 Rivergrade Road, Irwindale, California  91706 * (818) 814-7922


FOR IMMEDIATE RELEASE                           CONTACTS:
- ---------------------                              Media: Mary Trigg
                                                          (818) 814-7922
                                                Investor: Steve Swartz
                                                          (818) 814-7986


                    AHMANSON FULLY COMMITTED TO ITS PROPOSED
                       MERGER WITH GREAT WESTERN FINANCIAL


      IRWINDALE, CA, March 6, 1997 -- H. F. Ahmanson & Company (NYSE:AHM) today
reaffirmed its commitment to achieve its proposed merger with Great Western
Financial Corporation (NYSE:GWF).

      Ahmanson stated, "When all the relevant facts are understood with respect
to our offer compared to Washington Mutual's (NYSE:WAMU) announced transaction,
Great Western stockholders will recognize that Ahmanson's proposed transaction
is financially superior for the stockholders of Great Western and is in the
overwhelming best interests of Great Western's employees, customers, the
communities which Great Western serves, and the greater Los Angeles region.

      "We have serious questions about the credibility of the information that
Washington Mutual and Great Western are using to promote the Washington Mutual
bid.  In particular, we view Washington Mutual's cost savings and revenue
enhancement assertions as extremely suspect and unrealistic based upon what we
believe is achievable and what has occurred in other similar transactions.

      "We are confident that as investors fully understand the differences
between the Ahmanson and Washington Mutual proposals, an Ahmanson and Great
Western merger will be compelling.  In this regard, AHMANSON WILL BE HOLDING AN
                                                    ---------------------------
INVESTMENT COMMUNITY MEETING ON MONDAY, MARCH 10, IN NEW YORK CITY AT 10:00 A.M.
- --------------------------------------------------------------------------------
AT THE ST. REGIS HOTEL TO DISCUSS IN DETAIL THE SUPERIORITY OF THE AHMANSON
- ---------------------------------------------------------------------------
MERGER PROPOSAL.
- ---------------

      Furthermore, Ahmanson announced that it would promptly commence legal
action to require Great Western to comply with its fiduciary duties and treat
all offers on the same basis.  Specifically, Ahmanson will challenge Great
Western's $195 million lock-up provision with Washington Mutual which is
excessive in itself and totally beyond acceptable conduct in view of Great
Western's failure even to talk with Ahmanson.

      H. F. Ahmanson & Company, with assets of nearly $50 billion, is the parent
company of Home Savings of America, which is one of the nation's largest full-
service consumer banks.



              SHARES OF GREAT WESTERN FINANCIAL CORPORATION ("GWF")
                  COMMON STOCK HELD BY H. F. AHMANSON & COMPANY
               ("AHMANSON"), ITS DIRECTORS AND EXECUTIVE OFFICERS
            AND CERTAIN EMPLOYEES, OTHER REPRESENTATIVES OF AHMANSON
              AND CERTAIN OTHER PERSONS WHO MAY SOLICIT PROXIES OR
                 CONSENTS, AND CERTAIN TRANSACTIONS BETWEEN ANY
                                 OF THEM AND GWF

Ahmanson and certain other persons named below may solicit proxies (a) to elect
three nominees and one or more alternate nominees (the "Nominees") as directors
of GWF at the annual meeting of stockholders of GWF to be held on a date to be
announced (the "Annual Meeting") and (b) in favor of the adoption at the Annual
Meeting of a non-binding stockholder resolution and seven proposals to amend the
By-laws of GWF.  Ahmanson and certain other persons named below are also
soliciting consents from stockholders of GWF to approve proposals, without a
stockholders' meeting, to adopt a non-binding resolution of stockholders and
amendments to the By-laws of GWF. The participants in this solicitation may
include Ahmanson; the directors of Ahmanson (Byron Allumbaugh, Harold A. Black,
Richard M. Bressler, David R. Carpenter, Phillip D. Matthews, Richard L. Nolan,
Delia M. Reyes, Charles R. Rinehart, Frank M. Sanchez, Elizabeth A. Sanders,
Arthur W. Schmutz, William D. Schulte, and Bruce G. Willison); the following
executive officers and employees of Ahmanson or its subsidiaries:  Kevin M.
Twomey (Senior Executive Vice President and Chief Financial Officer), Anne-Drue
M. Anderson (Executive Vice President and Treasurer), Madeleine A. Kleiner
(Senior Executive Vice President and General Counsel), Stephen Swartz (Senior
Vice President and Director of Investor Relations), Eric Warmstein (Senior Vice
President and Director of Corporate Development), Mary Trigg (Senior Vice
President and Director of Public Relations), Linda McCall (Senior Vice President
and Director of Corporate Taxes), Adrian Rodriguez (Vice President of Public
Relations), Samantha Davies (Vice President of Public Relations), Peter Bennett
(Assistant Vice President of Public Relations), Barbara Timmer (Senior Vice
President and Director of Government and Legislative Affairs), and Tim Glassett
(First Vice President and Assistant General Counsel); and the following
Nominees: Lawrence A. Del Santo, Robert T. Gelber, Wolfgang Schoellkopf, Hugh M.
Grant and John E. Merow.

As of the date of this communication, Ahmanson is the beneficial owner of 200
shares of GWF Common Stock. Other than Mr. Gelber, who owns 332 shares of GWF
Common Stock, none of the Nominees is the beneficial owner of any GWF Common
Stock.

Other than set forth herein, as of the date of this communication, neither
Ahmanson nor any of its directors, executive officers or other representatives
or employees of Ahmanson, any Nominees or other persons known to Ahmanson, who
may solicit proxies has any security holdings in GWF.  Ahmanson disclaims
beneficial ownership of any securities of GWF held by any pension plan or other
employee benefit plan of Ahmanson or by any affiliate of Ahmanson.  Ahmanson
further disclaims beneficial ownership of any securities of GWF held by Ahmanson
or any of its subsidiaries for the benefit of third parties or in customer or
fiduciary accounts in the ordinary course of business.

Although Credit Suisse First Boston Corporation ("CSFB") and Montgomery
Securities ("Montgomery"), financial advisors to Ahmanson, do not admit that
they or any of their directors, officers, employees or affiliates are a
"participant," as defined in Schedule 14A promulgated under the Securities
Exchange Act of 1934 by the Securities and Exchange Commission, or that such
Schedule 14A requires the disclosure of certain information concerning CSFB or
Montgomery, CSFB and Montgomery may assist Ahmanson in such a solicitation.
Each of CSFB and Montgomery engages in a full range of investment banking,
securities trading, market-making and brokerage services for institutional and
individual clients.  In the normal course of their respective businesses, each
of CSFB and Montgomery may trade securities of GWF for their own account and the
account of their customers and, accordingly, may at any time hold a long or
short position in such securities.  As of February 27, 1997, CSFB held a net
13,924 shares of GWF common stock and Montgomery held no shares of GWF common
stock.

Except as disclosed above, to the knowledge of Ahmanson, none of Ahmanson, the
directors or executive officers of Ahmanson, the employees or other
representatives of Ahmanson who may participate in this solicitation or the
Nominees named above has any interest, direct or indirect, by security holdings
or otherwise, in GWF.