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                                                                   EXHIBIT 10.53


                             AMENDMENT NO. 1996-1
                               TO UMBRELLA TRUST
                              FOR SENIOR OFFICERS

          This Amendment No. 1996-1 is made to the Great Western Financial
Corporation Umbrella Trust for Senior Officers (as amended) (the "Trust").
Capitalized terms used but not defined herein shall have the meanings ascribed
to them in the Trust.

          WHEREAS, the Company has determined that it is in its best interest
and that of its stockholders to amend the Trust as set forth herein;

          NOW THEREFORE, the Trust is amended as follows:

          1.   The introductory paragraph of the Trust is amended (a) by
inserting following the phrase "for the benefit of eligible executive employees
of the Company and its affiliates" the following:

          and for certain other individuals who are not employed by, but who
          perform services for, the Company and its affiliates

and (b) by adding the following Plans:

          Great Western Financial Corporation Deferred Compensation Plan (1992
          Restatement)

          Consulting Agreement with James Montgomery

          Employment Agreements between the Company and the following
          individuals:

               John F. Maher
               Michael M. Pappas
               A. William Schenck III
               Carl F. Geuther
               Jaynie M. Studenmund
               J. Lance Erikson
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               Ray W. Sims

          2.  The first sentence of Section 1.01 of the Trust is amended by
deleting the phrase "May 1, 1989" and inserting in lieu thereof the phrase
"December 10, 1996".

          3.   Section 1.04-2 of the Trust is amended in its entirety as
follows:

               1.04-2  A Change in Control shall be deemed to have occurred if
          the event set forth in any one of the following paragraphs shall have
          occurred:

               (i)  any Person (as defined below) is or becomes the Beneficial
          Owner (as defined in Rule 13d-3 under the Securities Exchange Act of
          1934 (the "Exchange Act")), directly or indirectly, of securities of
          the Company (not including in the securities beneficially owned by
          such Person any securities acquired directly from the Company or its
          affiliates) representing 25% or more of either the then outstanding
          shares of common stock of the Company or the combined voting power of
          the Company's then outstanding securities, excluding any Person who
          becomes such a beneficial owner in connection with a transaction
          described in clause (A) of paragraph (iii) below; or

               (ii)  the following individuals cease for any reason to
          constitute a majority of the number of directors then serving:
          individuals who, on December 10, 1996, constitute the Board and any
          new director (other than a director whose initial assumption of
          office is in connection with an actual or threatened election contest,
          including but not limited to a consent solicitation, relating to the
          election of 

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          directors of the Company) whose appointment or election by the Board
          or nomination for election by the Company's stockholders was
          approved by a vote of at least two-thirds (2/3) of the directors then
          still in office who either were directors on December 10, 1996, or
          whose appointment, election or nomination for election was previously
          so approved; or

                (iii)  there is consummated a merger or consolidation of the
          Company with any other corporation, other than (A) a merger or
          consolidation which would result in the voting securities of the
          Company outstanding immediately prior to such merger or consolidation
          continuing to represent (either by remaining outstanding or by being
          converted into voting securities of the surviving entity or any parent
          thereof) at least 60% of the combined voting power of the voting
          securities of the Company or such surviving entity or any parent
          thereof outstanding immediately after such merger or consolidation, or
          (B) a merger or consolidation effected to implement a recapitalization
          of the Company (or similar transaction) in which no Person is or
          becomes the beneficial owner, directly or indirectly, of securities of
          the Company (not including in the securities beneficially owned by
          such Person any securities acquired directly from the Company or its
          subsidiaries) representing 25% or more of either the then outstanding
          shares of common stock of the Company or the combined voting power of
          the Company's then outstanding securities; or

               (iv) the stockholders of the Company approve a plan of complete
          liquidation or dissolution of the Company or there is 

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          consummated an agreement for the sale or disposition by the Company of
          all or substantially all of the Company's assets.

          Notwithstanding the foregoing, a "Change in Control" shall not be
          deemed to have occurred by virtue of the consummation of any
          transaction or series of integrated transactions immediately following
          which the record holders of the common stock of the Company
          immediately prior to such transaction or series of transactions
          continue to have substantially the same proportionate ownership in an
          entity which owns all or substantially all of the assets of the
          Company immediately following such transaction or series of 
          transactions.

          For purposes of this Section 1.04-2, "Person" shall have the meaning
          given in Section 3(a)(9) of the Exchange Act, as modified and used
          in Sections 13(d) and 14(d) thereof, except that such term shall not
          include (i) the Company or any of its subsidiaries, (ii) a trustee or
          other fiduciary holding securities under an employee benefit plan of
          the Company or any of its subsidiaries, (iii) an underwriter
          temporarily holding securities pursuant to an offering of such 
          securities, or (iv) a corporation owned, directly or indirectly, by
          the stockholders of the Company in substantially the same proportions
          as their ownership of stock of the Company.

          4.   The Trust is amended by deleting all references therein to a
"Triggering Event" and inserting in lieu thereof a "Potential Change in
Control".

          5.   The first sentence of Section 2.01-2 of the Trust is amended by
deleting the phrase "The Company may, at any time or upon the occurrence of any
of the 

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Triggering Events described in 2.01-5, contribute to the trust the sum of the
following:" and inserting in lieu thereof the following:

          The Company shall, as soon as possible but in no event later than 10
          days following the occurrence of a Potential Change in Control (as
          defined in Section 2.01-5 hereof), contribute to the trust the sum of
          the following (the sum of the amounts described in clauses (a), (b)
          and (c), the "Required Funding Amount"):

          6.   Section 2.01-4 of the Trust is amended in its entirety as
follows:

               2.01-4  Following the expiration of a Potential Change in Control
          Period (as defined below) and if no Change in Control has occurred
          during such Potential Change in Control Period, the Required Funding
          Amount shall be returned to the Company within 10 days of the receipt
          of the Company's request therefor. For purposes of this Trust, a
          Potential Change in Control Period shall commence upon the 
          occurrence of a Potential Change in Control (as defined in Section
          2.01-5 hereof) and shall end on the date 6 months following the date
          on which such Potential Change in Control ceases to exist (whether by
          resolution of the Board of Directors or otherwise).

          7.   Section 2.01-5 of the Trust is amended in its entirety as
follows:

               2.01-5  A Potential Change in Control shall be deemed to have
          occurred if the event set forth in any one of the following paragraphs
          shall have occurred:

               (a)  the Company enters into an agreement, the consummation of
          which would 

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          result in the occurrence of a Change in Control;

               (b)  the Company or any Person publicly announces an intention
          to take or to consider taking actions which, if consummated, would
          constitute a Change in Control;

               (c)  any Person becomes the beneficial owner, directly or
          indirectly, of securities of the Company (not including in the
          securities beneficially owned by such Person any securities acquired
          directly from the Company or its affiliates) representing 15% or more
          of either the then outstanding shares of common stock of the Company
          or the combined voting power of the Company's then outstanding 
          securities;

               (d) the filing with the Federal Home Loan Bank Board and/or the
          FSLIC or their successor of an application for Change in Control; or

               (e)  the Board adopts a resolution to the effect that, for
          purposes of this Agreement, a Potential Change in Control has
          occurred.

          8.   Section 2.01 of the Trust is amended by inserting the following
as a new Section 2.01-7:

               2.01-7  Within 30 days following the end of each calendar year
          that ends after a Change in Control has occurred, the Company shall be
          required to irrevocably contribute to the trust an additional amount
          that, when aggregated with the assets then held by the trust, at their
          fair market value, is equal to the Required Funding Amount (adjusted
          and calcu-

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          lated as of the close of such calendar year).

          9.   Section 2.02 of the Trust is amended by inserting the following
as a new Section 2.02-6:

               2.02-6  Following the occurrence of a Change in Control, the
          trust fund shall be invested in short-term fixed income securities or
          other liquid investments.

          10.  Section 7.02-1 of the Trust is amended in its entirety as
follows:

          The Company and the Trustee may amend this trust at any time by a
          written instrument executed by both parties; provided, however, that
          following a Change in Control or during the pendency of a Potential
          Change in Control (or within 6 months thereafter), this trust may not
          be amended in a way adverse to the participants in the Plans covered
          hereby without the Written Consent of the Participants.

          The effective date of this Amendment No. 1996-1 shall be December 10,
1996.  Except as herein modified, the Trust shall remain in full force and
effect.

                         GREAT WESTERN FINANCIAL
                           CORPORATION



                         By:/s/ J. Lance Erikson
                            --------------------
                         Executive Vice President,     
                         General Counsel and Secretary

                         WELLS FARGO & CO.



                         By:  ________________________
                         Title:

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