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)
  {_}Definitive Additional Materials
  {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)

  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 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:      _____________________________________________________

EX-99

                                                   IMMEDIATE RELEASE

                                                   FEBRUARY 26, 1997

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

             GREAT WESTERN FILES COUNTERCLAIM AGAINST AHMANSON

             CHATSWORTH, Calif.   Great Western Financial
        Corporation (NYSE: GWF) today announced that it had filed a
        counterclaim against Ahamanson in the lawsuit currently
        pending in Delaware state court.  In its counterclaim, Great
        Western stated that the proposed by-law amendment for which
        Ahmanson is soliciting consents is illegal and unenforceable
        and is an improper intrusion into the statutory powers of
        the board of directors.  Great Western denied all material
        allegations contained in Ahmanson's complaint.  Great Western
        also raised certain affirmative defenses, including that
        Ahmanson is acting in its own self interests at the expense of
        Great Western and its shareholders and thus comes to court with
        unclean hands.

             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 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. 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 (Executive Vice President,
        Secretary and General Counsel), 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 beneficially own, individually or in the aggregate, in
        excess of 1% of Great Western's equity securities.