10-Q/A

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                         UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                           FORM 10-Q/A

           QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934
              For the Quarter Ended March 31, 1997
                               OR
          TRANSITION REPORT UNDER SECTION 13 OR 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934


                 Commission File Number: 1-9566

                    FirstFed Financial Corp.
     (Exact name of registrant as specified in its charter)



              Delaware                             95-4087449
        (State or other jurisdiction of        (I.R.S. Employer
        incorporation or organization)         Identification No.)


           401 Wilshire Boulevard
         Santa Monica, California                      90401-1490
     (Address of principal executive offices)           (Zip Code)


        Registrant's telephone number, including area code:(310) 319-6000


Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.

                                      Yes      x      No
                                             _____         _____



As of May 1, 1997, 10,560,402 shares of the Registrant's $.01 par
value common stock were outstanding.
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                           SIGNATURES
                                
Pursuant to the requirements of the Securities Exchange  Act
of  1934,  the registrant has duly caused this report to  be
signed  on  its  behalf  by the undersigned  thereunto  duly
authorized.





                                FIRSTFED FINANCIAL CORP.
                                ------------------------
                                 Registrant

                                Date:    May 13, 1998


                                By /s/ BABETTE E. HEIMBUCH
                                   -----------------------
                                   Babette E. Heimbuch
                                   President and 
                                   Chief Executive Officer



                                By /s/ DOUGLAS J. GODDARD
                                   ---------------------- 
                                   Douglas J. Goddard
                                   Chief Financial Officer 
                                   and Executive Vice President

                                  19

EX-27

 

<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from
the company's Consolidated Statement of Operations and Consolidated
Statements of Financial Condition and is qualified in its entirety
by reference to such financial statements.

<CIK> 0000810536
<NAME> FIRSTFED FINANCIAL CORP.
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>               DEC-31-1997
<PERIOD-START>                  JAN-01-1997
<PERIOD-END>                    MAR-31-1997
<CASH>                               28,623
<INT-BEARING-DEPOSITS>              107,000
<FED-FUNDS-SOLD>                          0
<TRADING-ASSETS>                          0
<INVESTMENTS-HELD-FOR-SALE>         796,066
<INVESTMENTS-CARRYING>                    0
<INVESTMENTS-MARKET>                      0
<LOANS>                           3,070,294
<ALLOWANCE>                          65,038
<TOTAL-ASSETS>                    4,129,737
<DEPOSITS>                        2,033,787
<SHORT-TERM>                      1,801,921
<LIABILITIES-OTHER>                  48,879
<LONG-TERM>                          50,000
<PREFERRED-MANDATORY>                     0
<PREFERRED>                               0
<COMMON>                                115
<OTHER-SE>                          195,035
<TOTAL-LIABILITIES-AND-EQUITY>    4,129,737
<INTEREST-LOAN>                      70,449
<INTEREST-INVEST>                     3,239
<INTEREST-OTHER>                          0
<INTEREST-TOTAL>                     73,685
<INTEREST-DEPOSIT>                   22,898
<INTEREST-EXPENSE>                   49,653
<INTEREST-INCOME-NET>                24,032
<LOAN-LOSSES>                         6,000
<SECURITIES-GAINS>                        0
<EXPENSE-OTHER>                      11,911
<INCOME-PRETAX>                       9,032
<INCOME-PRE-EXTRAORDINARY>            9,032
<EXTRAORDINARY>                           0
<CHANGES>                                 0
<NET-INCOME>                          5,168
<EPS-PRIMARY>                           .49
<EPS-DILUTED>                           .48
<YIELD-ACTUAL>                         2.23
<LOANS-NON>                          58,447
<LOANS-PAST>                              0
<LOANS-TROUBLED>                      6,628
<LOANS-PROBLEM>                      26,774
<ALLOWANCE-OPEN>                     75,648
<CHARGE-OFFS>                         4,663
<RECOVERIES>                            953
<ALLOWANCE-CLOSE>                    77,938
<ALLOWANCE-DOMESTIC>                 77,938
<ALLOWANCE-FOREIGN>                       0
<ALLOWANCE-UNALLOCATED>                   0