SCHEDULE 14A INFORMATION
                 REVOCATION STATEMENT PURSUANT TO SECTION 14(A)
                    OF THE SECURITIES EXCHANGE ACT OF 1934

  Filed by the Registrant {X}

  Filed by a Party other than the Registrant {_}

  Check the appropriate box:
  {_}  Preliminary Proxy Statement (Revocation of Consent Statement)
  {_}  Confidential, for Use of the Commission Only (as permitted by Rule 14a-
       6(e)(2))
  {_}  Definitive Proxy Statement (Revocation of Consent Statement)
  {X}  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)

                 -----------------------------------------
 (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

  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 (set forth the amount on which
            the filing fee is calculated and state how it was determined):____

       (4)  Proposed maximum aggregate value of transactions:  _______________

       (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: _____________________________________________________



     Contact:  Ian Campbell        818-775-3773        FOR IMMEDIATE RELEASE
               Charlie Coleman     818-775-3766        March 19, 1997

                 GREAT WESTERN RESCINDS STOCK REPURCHASE PLAN

          CHATSWORTH, Calif. -- Great Western Financial Corporation
     (NYSE: GWF) announced that it has rescinded its stock repurchase
     plan in its entirety.  The stock repurchase plan, which was
     announced in January, 1997, has been terminated in connection with
     Great Western's pending merger with Washington Mutual, Inc.

          With assets of $42.9 billion, Great Western Financial
     Corporation is a diversified financial services company operating
     more than 1,150 mortgage lending, retail banking, and consumer
     finance offices nationwide.  Great Western's principal subsidiary,
     Great Western Bank, is a mortgage-oriented consumer bank with
     banking branch networks in California and Florida.

     Great Western Financial Corporation ("Great Western") and certain
     other persons named below may be deemed to be participants in the
     solicitation of proxies in connection with the merger of Great
     Western and a wholly-owned subsidiary of Washington Mutual, Inc.
     ("Washington Mutual") pursuant to which each outstanding share of
     Great Western common stock would be converted into 0.9 shares of
     Washington Mutual common stock (the "Merger").  The participants in
     this solicitation may include the directors of Great Western (James
     F. Montgomery, John F. Maher, Dr. David Alexander, H. Frederick
     Christie, Stephen E. Frank, John V. Giovenco, Firmin A. Gryp,
     Enrique Hernandez, Jr., Charles D. Miller, Dr. Alberta E. Siegel
     and Willis B. Wood, Jr.); the following executive officers of Great
     Western:  J. Lance Erikson, Carl F. Geuther, Michael M. Pappas, A.
     William Schenck III, Ray W. Sims and Jaynie M. Studenmund; and the
     following other members of management of Great Western:  Stephen F.
     Adams, Bruce F. Antenberg, Barry R. Barkley, Ian D. Campbell,
     Charles Coleman, Allen D. Meadows and John A. Trotter
     (collectively, the "Great Western Participants").  As of the date
     of this communication, James F. Montgomery and John F. Maher
     beneficially owned 605,488 shares and 611,762 shares of Great
     Western common stock, respectively (including shares subject to
     stock options exercisable within 60 days).  The remaining Great
     Western Participants do not beneficially own, individually or in
     the aggregate, in excess of 1% of Great Western's equity
     securities.

     Great Western has retained Goldman, Sachs & Co. ("Goldman Sachs")
     and Merrill Lynch & Co. ("Merrill Lynch") to act as its financial
     advisors in connection with the Merger, as well as the merger
     proposal by H. F. Ahmanson & Company, for which they received and
     may receive substantial fees, as well as reimbursement of
     reasonable out-of-pocket expenses.  In addition, Great Western has
     agreed to indemnify Goldman Sachs and Merrill Lynch and certain
     persons related to them against certain liabilities, including
     certain liabilities under the federal securities laws, arising out
     of their engagement.  Each of Goldman Sachs and Merrill Lynch is an
     investment banking firm that provides a full range of financial
     services for institutional and individual clients.  Neither Goldman
     Sachs nor Merrill Lynch admits that it or any of its directors,
     officers or employees is a "participant" as defined in Schedule 14A
     promulgated under the Securities Exchange Act of 1934, as amended,
     in the solicitation, or that Schedule 14A requires the disclosure
     of certain information concerning Goldman Sachs and Merrill Lynch. 
     In connection with Goldman Sachs's role as financial advisor to
     Great Western, Goldman Sachs and the following investment banking
     employees of Goldman Sachs may communicate in person, by telephone
     or otherwise with a limited number of institutions, brokers or
     other persons who are stockholders of Great Western:  Joe Wender,
     John Mahoney, Andy Gordon, Todd Owens and Andrea Vittorelli.  In
     connection with Merrill Lynch's role as financial advisor to Great
     Western, Merrill Lynch and the following investment banking
     employees of Merrill Lynch may communicate in person, by telephone
     or otherwise with a limited number of institutions, brokers or
     other persons who are stockholders of Great Western:  Herb Lurie,
     Louis S. Wolfe, Paul Wetzel, Frank V. McMahon, John Esposito, Alex
     Sun, Christopher Del-Moral Niles and Kavita Gupta.  In the normal
     course of their respective businesses Goldman Sachs and Merrill
     Lynch regularly buy and sell securities issued by Great Western and
     its affiliates ("Great Western Securities") and Washington Mutual
     and its affiliates ("Washington Mutual Securities") for its own
     account and for the accounts of its customers, which transactions
     may result from time to time in Goldman Sachs and its associates
     and Merrill Lynch and its associates having a net "long" or net
     "short" position in Great Western Securities, Washington Mutual
     Securities, or option contracts with other derivatives in or
     relating to Great Western Securities or Washington Mutual
     Securities.  As of March 14, 1997, Goldman Sachs held positions in
     Great Western Securities and Washington Mutual Securities as
     principal as follows:  (i) net "long" 9,669 of Great Western's
     common shares; (ii) net "long" $1 million of Great Western's
     deposit notes; and (iii) net "long" 1,980 of Washington Mutual's
     preferred stock.  As of March 14, 1997, Merrill Lynch had positions
     in Great Western Securities and Washington Mutual Securities as
     principal as follows:  (i) net "long" 8,800 of Great Western's
     common shares;  (ii) net "long" of 1,775 shares of Great Western
     8.30% preferred stock; and (iii) net "long" 1,527 of Washington
     Mutual's common shares.

     Other participants in the solicitation include Washington Mutual
     and may include the directors of Washington Mutual (Douglas P.
     Beighle, David Bonderman, Herbert M. Bridge, J. Taylor Crandall,
     Roger H. Eigsti, John W. Ellis, Daniel J. Evans, Anne V. Farrell,
     William P. Gerberding, Kerry K. Killinger, Samuel B. McKinney,
     Michael K. Murphy, Louis H. Pepper, William G. Reed, Jr. and James
     E. Stever); the following executive officers of Washington Mutual: 
     Lee Lannoye, William A. Longbrake, Deanna W. Oppenheimer, Craig E.
     Tall and S. Liane Wilson; and the following other members of
     management of Washington Mutual:  Karen Christensen, JoAnn
     DeGrande, William Ehrlich, James B. Fitzgerald, Marc Kittner and
     Douglas G. Wisdorf (collectively, the "Washington Mutual
     Participants").  As of the date of this communication, David
     Bonderman, J. Taylor Crandall and Kerry K. Killinger beneficially
     owned 1,894,141 shares, 6,549,755 shares and 1,044,224 shares of
     Washington Mutual common stock, respectively.  The remaining
     Washington Mutual Participants do not beneficially own,
     individually or in the aggregate, in excess of 1% of Washington
     Mutual's equity securities.  The Washington Mutual Participants do
     not beneficially own, individually or in the aggregate, in excess
     of 1% of Great Western's equity securities.

     Washington Mutual has retained Lehman Brothers Inc. ("Lehman
     Brothers") to act as its financial advisor in connection with the
     Merger for which it received and may receive substantial fees as
     well as reimbursement of reasonable out-of-pocket expenses.  In
     addition, Washington Mutual has agreed to indemnify Lehman Brothers
     and certain persons related to it against certain liabilities,
     including certain liabilities under the federal securities laws,
     arising out of its engagement.  Lehman Brothers is an investment
     banking firm that provides a full range of financial services for
     institutional and individual clients.  Lehman Brothers does not
     admit that it or any of its directors, officers or employees is a
     "participant" as defined in Schedule 14A promulgated under the
     Securities Exchange Act of 1934, as amended, in the solicitation,
     or that Schedule 14A requires the disclosure of certain information
     concerning Lehman Brothers.  In connection with Lehman Brothers'
     role as financial advisor to Washington Mutual, Lehman Brothers and
     the following investment banking employees of Lehman Brothers may
     communicate in person, by telephone or otherwise with a limited
     number of institutions, brokers or other persons who are
     stockholders of Washington Mutual and Great Western:  Steven B.
     Wolitzer, Philip R. Erlanger, Sanjiv Sobti, David J. Kim, Craig P.
     Sweeney and Daniel A. Trznadel.  In the normal course of its
     business Lehman Brothers regularly buys and sells Washington Mutual
     Securities and Great Western Securities for its own account and for
     the account of its customers, which transactions may result from
     time to time in Lehman Brothers and its associates having a net
     "long" or net "short" position in Washington Mutual Securities,
     Great Western Securities or option contracts with other derivatives
     in or relating to Washington Mutual Securities or Great Western
     Securities.  As of March 14, 1997, Lehman Brothers had positions in
     Washington Mutual Securities and Great Western Securities as
     principal as follows:  (i) net "short" 124 of Washington Mutual's
     common shares; and (ii) net "short" 3,327 of Great Western's common
     shares.