10-K/A

            UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                    WASHINGTON, D. C.  20549 - 1004
                                 FORM 10-K/A

(Mark One)

/x/     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934

               For the fiscal year ended December 31, 1994

                                         OR

/ /     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934

                   For the transition period from          to

                   Commission file number 1-4075

                        GREAT WESTERN FINANCIAL CORPORATION
                (Exact name of registrant as specified in its charter)

           Delaware                                     95-1913457
(State or other jurisdiction of                     (I.R.S. Employer
incorporation or organization)                     Identification No.)


                 9200 Oakdale Avenue, Chatsworth, California   91311-6519
                   (Address of principal executive offices)     (Zip Code)


                                    (818) 775-3411
               (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

                                       Name of each exchange on
   Title of each class                     which registered
   -------------------                 ------------------------
Common Stock, $1 par value             New York Stock Exchange
(and accompanying Preferred            Pacific Stock Exchange
Stock Purchase Rights)                 London Stock Exchange

8 3/4% Cumulative Convertible          New York Stock Exchange
Preferred Stock, $1 par value

8.30% Cumulative Preferred             New York Stock Exchange
Stock, $1 par value

Securities registered pursuant to Section 12(g) of the Act:  None

                                (Continued)

               UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, D. C.  20549-1004
                                    FORM 10-K/A


             ANNUAL REPORT PURSUANT TO SECTION 13 or 15 (d) OF 
                      THE SECURITIES EXCHANGE ACT OF 1934
                               
                              ---------------------

      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   

      Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-
K or any amendment to this Form 10-K.  [X]

      State the aggregate market value of the voting stock held by
nonaffiliates of the registrant as of February 27, 1995:  $2,432,460,941

      Indicate the number of shares outstanding of each of the registrant's
classes of common stock as of February 27, 1995:  134,323,492


DOCUMENTS INCORPORATED BY REFERENCE:

Part III  - Portions of Proxy Statement for Annual Meeting of
            Stockholders, April 25, 1995.


The purpose of this amended Form 10-K is to properly attach exhibit 27.


                                       SIGNATURES


     Pursuant to the requirements of Section 13 or 15(d) 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.

GREAT WESTERN FINANCIAL CORPORATION

/s/ Jesse L. King                                        April 24, 1995  
- ------------------------------------                   ------------------
Jesse L. King, Senior Vice president                          Date
and Controller
(Principal Accounting Officer)

EX-27

 

<ARTICLE> 9
       
                             
<PERIOD-TYPE>                   year
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<CASH>                                         983,440
<INT-BEARING-DEPOSITS>                             125
<FED-FUNDS-SOLD>                               165,000
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                  3,851,598
<INVESTMENTS-CARRYING>                       6,335,104
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