DEFA14A

                           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)
  {_}Definitive Proxy Statement (Revocation of Consent Statement)
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  {X}Soliciting Material Pursuant to (S)240.14a-11(c) or (S)240.14a-12

                    GREAT WESTERN FINANCIAL CORPORATION
                 -----------------------------------------
                (Name of Registrant as specified in its charter)

                    GREAT WESTERN FINANCIAL CORPORATION
                  -----------------------------------------
                  (Name of person(s) filing proxy statement)

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       0-11.
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  (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 transactions:  _________________
  (5)  Total fee paid.
  --------

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       Act Rule 0-11(a)(2) and identify the filing for which the offsetting 
       fee was paid previously.  Identify the previous filing by registra-
       tion statement number, or the Form or Schedule and the date of its 
       filing.

  (1)  Amount Previously Paid:  ___________________________________________
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EX-99

                                                  IMMEDIATE RELEASE
                                                  FEBRUARY 25, 1997

          Contact:  Ian Campbell (818) 775-3773
                    Charlie Coleman (818) 775-3766

                    GREAT WESTERN POSTPONES ANNUAL MEETING

               CHATSWORTH, Calif.   Great Western Financial Corpo-
          ration (NYSE: GWF) today announced that, in light of
          recent and ongoing events, it has postponed its Annual
          Meeting of Shareholders that was scheduled to occur on
          April 22, 1997.  A new date for the Annual Meeting has
          not yet been set.

                    John Maher, Great Western's President and Chief
          Executive Officer, said "We don't want our shareholders
          put in a position of having to make important decisions
          without the benefit of all information they need."  Great
          Western stated that its Board of Directors and manage-
          ment, with the assistance of Great Western's legal and
          financial advisors, is continuing to review the Ahmanson
          proposal and related matters.

                    Great Western also announced the adoption of a
          broad-based change-in-control severance plan for the
          benefit of its employees.  Maher said "We have a fine
          organization, fine products and outstanding employees. 
          The severance plan is designed to help our employees stay
          focused on what they do best -- providing the best prod-
          ucts and services to our customers."

               Great Western further stated that it will oppose
          Ahmanson's previously announced consent solicitation. 
          Great Western stated that the proposals are intended to 
          limit Great Western's options and are not in the best
          interests of Great Western and its shareholders.

               With assets of $42.9 billion, Great Western Finan-
          cial 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 and certain other persons named below
          may be deemed to be participants in the solicitation of
          revocations of consents in response to Ahmanson's consent
          solicitation.  The participants in this solicitation may
          include the directors of Great Western (James F. Montgom-
          ery, 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
          (Executive Vice President, Secretary and General Coun-
          sel), Carl F. Geuther (Vice Chairman and Chief Financial
          Officer), Michael M. Pappas (Vice Chairman and President,
          Consumer Finance Division), A. William Schenck III (Vice
          Chairman), Ray W. Sims (Executive Vice President), and
          Jaynie M. Studenmund (Executive Vice President); and the
          following other members of management of Great Western: 
          Stephen F. Adams (First Vice President, Associate General
          Counsel and Assistant Secretary), Bruce F. Antenberg
          (Senior Vice President-Finance, Treasurer and Assistant
          Secretary), Barry R. Barkley (Senior Vice President and
          Controller), Ian D. Campbell (Senior Vice President),
          Charles Coleman (Vice President, Great Western Bank),
          Allen D. Meadows (Senior Vice President, Great Western
          Bank), and John A. Trotter (First Vice President, Great
          Western Bank).
           
               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 participants
          do not individually, or in the aggregate, beneficially
          own in excess of 1% of Great Western's equity securities.