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                                                                   EXHIBIT 10.14
                            
                                AMENDMENT NO. 1
                            TO EMPLOYMENT AGREEMENT


          This Amendment No. 1 is made to that certain Employment Agreement (the
"Agreement"), dated as of april 1996, between Great Western Financial
Corporation ("Employer") and Jaynie M. Studenmund ("Officer").  Capitalized
terms used but not defined herein shall have the meanings ascribed to them in
the Agreement.

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

          NOW THEREFORE, Employer and Officer agree that the Agreement shall be
amended as follows, effective as of December 10, 1996, unless otherwise
provided:

          1. The third paragraph of Section 4 of the Agreement is amended by
deleting therefrom the phrase "upon a 'change in control' as provided elsewhere
in this Agreement" and inserting in lieu thereof the phrase "upon a 'Change in
Control' (as defined in Section 8(b) hereof).

          2.   Section 6(c) of the Agreement is amended in its entirety to read
as follows:

               (c) for the remaining Term, health and welfare type Additional
          Benefits (including without limitation hospital, surgical, major
          medical, life and disability insurance), qualified pension benefits
          (or, if prohibited under then applicable tax law, a specially designed
          non-qualified supplemental pension to provide Officer with benefits
          equivalent to those to which she would have been entitled if such
          prohibition did not pertain) and non-qualified supplemental pension
          benefits to which Officer may be entitled pursuant to Section 4 hereof
          as the same shall exist 
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          immediately prior to such election (including continued accrual of
          years of service and age under (1) Employer's Retirement Plan as in
          effect immediately prior to such election (or, if prohibited under
          then applicable tax law, a specially designed non-qualified
          supplemental pension to provide Officer with benefits equivalent to
          those to which she would have been entitled if such prohibition did
          not pertain) and (2) the SERP, but excluding (3) Employer matching
          contributions under Employer's 401(k) plan or any successor plan
          thereto), each such benefit to be continued in a manner no less
          favorable to Officer than the benefit to which she was entitled
          immediately prior to such election; and

          3.   Section 6 of the Agreement is amended by deleting the unnumbered
paragraph immediately following Section 6(d) and inserting in lieu thereof the
following:

               Employer agrees that, if Officer's employment with Employer
          terminates during the Term, Officer is not required to seek other
          employment or to attempt in any way to reduce any amounts payable to
          Officer by Employer pursuant to Section 6, 7(a) or 8 hereof.  Further,
          the amount of any payment or benefit provided for in this Agreement
          shall not be reduced by any compensation earned by Officer as the
          result of employment by another employer, by retirement benefits, by
          offset against any amount claimed to be owed by Officer to Employer,
          or otherwise; provided, however, that Employer's obligation to provide
                        --------  -------                                       
          welfare-type Additional Benefits, including without limitation
          hospital, surgical, major medical, life and disability insurance,
          shall be reduced to the extent simi-

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          lar benefits are provided (at no cost to Officer) by a subsequent
          employer.

          4.   The first sentence immediately following clause (iv) of Section
8(a) of the Agreement is renumbered as a new Section 8(d), which Section 8(d)
is amended as set forth in paragraph 6 below, and the remainder of Section 8(a)
of the Agreement is amended in its entirety to read as follows:

          8.  Change in Control.
              ----------------- 

               (a) If there should occur a Change in Control (as defined below),
          and if thereafter during the Term, in the good-faith determination of
          Officer, Employer materially breaches this Agreement and Employer
          fails to cure such breach within fifteen (15) days after receipt of
          notice thereof, then, Officer, without limitation on any other rights
          she may have hereunder, may, within one (1) year after she first has
          knowledge of such breach, elect to terminate her employment hereunder
          and to treat such termination as a termination pursuant to Section 6
          hereof, subject, however, to the following additional benefits and
          modifications to Officer's rights as set forth in said Section 6 (any
          one or more of which modifications Officer may elect to waive):

               (i) Employer shall not be entitled to reduce Officer's salary or
          any Additional Benefits to which Officer shall thereafter be
          entitled.

               (ii)  Officer's pro-rata entitlement to an award under any then
          existing long-term incentive performance plan shall be calculated upon
          the assumption that the 

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          performance under such plan is then "on plan."

               (iii)  In lieu of the severance benefits described in Sections
          6(a) and (b) hereof, within five (5) business days of the effective
          date of such termination of employment, Company shall pay to Officer a
          cash lump sum in an amount equal to the product of (A) the sum of (1)
          Officer's annual base salary in effect immediately prior to the
          termination of Officer's employment (or prior to a reduction in salary
          giving rise to a breach of this Agreement), plus (2) the target bonus
          ("Target Bonus") under the Employer's Annual Incentive Plan for
          Executive Officers (the "Annual Incentive Plan") in respect of the
          year in which such termination of employment occurs or the year in
          which the Change in Control occurs, whichever is greater (provided,
                                                                     --------
          however, that if the termination of Officer's employment occurs under
          -------
          the circumstances entitling her to benefits under Section 8(e) hereof,
          the Target Bonus shall be in respect of the year in which such
          termination of employment occurs), and (B) the number three.

               (iv) Within five (5) days following such termination of
          employment, Employer shall pay to Officer a lump sum cash amount (the
          "Pro-Rata Bonus") equal to the product of (A) the target bonus to
          which Officer would have been entitled under the Annual Incentive Plan
          in respect of the year in which such termination occurs (assuming for
          this purpose that performance under the Annual Incentive Plan is "on
          plan" for such year) and (B) a fraction, the numerator of which shall
          be the number 

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          of months (including fractions thereof) from the first day of the
          fiscal year during which such termination occurs to the date on which
          such termination occurs, and the denominator of which shall be twelve
          (12); provided, however, that if such termination of
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          employment occurs during the same year in which the Change in Control
          occurs, the Pro-Rata Bonus shall be offset by any payments received
          under the Annual Incentive Plan in connection with such Change in
          Control.

               (v)  The remaining Term shall be deemed to be three (3) years
          (but in no event shall the remaining Term be deemed to extend beyond
          Officer's sixty-fifth (65th) birthday).

          5.   Sections 8(b) and 8(c) of the Agreement are amended in their
entirety as follows:

               (b)  For purposes of this Agreement, 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
          Employer (not including in the securities beneficially owned by such
          Person any securities acquired directly from Employer or its
          affiliates) representing 25% or more of either the then outstanding
          shares of common stock of Employer or the combined voting power of
          Employer's then outstanding securities, excluding any Person who
          becomes such a beneficial owner 

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          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 directors of Employer) whose appointment or election by
          the Board or nomination for election by Employer'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
          Employer with any other corporation, other than (A) a merger or
          consolidation which would result in the voting securities of Employer
          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 Employer 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 Employer (or similar transaction) in which no
          Person is or becomes the beneficial owner, directly or indirectly, of
          securities of Employer (not in-

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          cluding in the securities beneficially owned by such Person any
          securities acquired directly from Employer or its subsidiaries)
          representing 25% or more of either the then outstanding shares of
          common stock of Employer or the combined voting power of Employer's
          then outstanding securities; or

               (iv) the stockholders of Employer approve a plan of complete
          liquidation or dissolution of Employer or there is consummated an
          agreement for the sale or disposition by Employer of all or 
          substantially all of Employer'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 Employer immediately
          prior to such transaction or series of transactions continue to have
          substantially the same proportion ate ownership in an entity which
          owns all or substantially all of the assets of Employer immediately
          following such transaction or series of transactions.

          For purposes of this Section 8(b), "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) Employer or any of its subsidiaries, (ii) a trustee or
          other fiduciary holding securities under an employee benefit plan of
          Employer or any of its subsidiaries, (iii) an underwriter temporarily
          holding securities pursuant to an offering of such securities, or (iv)
          a corporation 

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          owned, directly or indirectly, by the stockholders of Employer in
          substantially the same proportions as their ownership of stock of
          Employer.

               (c) Whether or not Officer becomes entitled to severance and
          other benefits under Section 8(a) or 8(e) hereof, if any of the
          payments or benefits received or to be received by Officer in
          connection with a Change in Control or Officer's termination of
          employment (whether pursuant to the terms of this Agreement or any
          other plan, arrangement or agreement with Employer, any Person whose
          actions result in a Change in Control or any Person affiliated with
          Employer or such Person) (such payments or benefits, excluding the
          Gross-Up Payment, being hereinafter referred to as the "Total
          Payments") will be subject to the excise tax imposed under Section
          4999 of the Code (the "Excise Tax"), Employer shall pay to Officer an
          additional amount (the "Gross-Up Payment") such that the net amount
          retained by Officer, after deduction of any Excise Tax on the Total
          Payments and any federal, state and local income and employment taxes
          and Excise Tax upon the Gross-Up Payment, shall be equal to the Total
          Payments. For purposes of determining whether any of the Total
          Payments will be subject to the Excise Tax and the amount of such
          Excise Tax, (A) all of the Total Payments shall be treated as
          "parachute payments" (within the meaning of Section 280G(b)(2) of the
          Code) unless, in the opinion of tax counsel ("Tax Counsel") reasonably
          acceptable to Officer and selected by the accounting firm which was,
          immediately prior to the Change in Control, Employer's independent
          auditor (the "Auditor"), such payments or benefits (in

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          whole or in part) do not constitute parachute payments, including by
          reason of Section 280G(b)(4)(A) of the Code, (B) all "excess parachute
          payments" within the meaning of Section 280G(b)(l) of the Code shall
          be treated as subject to the Excise Tax unless, in the opinion of Tax
          Counsel, such excess parachute payments (in whole or in part)
          represent reasonable compensation for services actually rendered
          (within the meaning of Section 280G(b)(4)(B) of the Code) in excess of
          the Base Amount allocable to such reasonable compensation, or are
          otherwise not subject to the Excise Tax, and (C) the value of any
          noncash benefits or any deferred payment or benefit shall be
          determined by the Auditor in accordance with the principles of
          Sections 280G(d)(3) and (4) of the Code. For purposes of determining
          the amount of the Gross-Up Payment, Officer shall be deemed to pay
          federal income tax at the highest marginal rate of federal income
          taxation in the calendar year in which the Gross-Up Payment is to be
          made and state and local income taxes at the highest marginal rate of
          taxation in the state and locality of Officer's residence on the date
          of termination of employment (or if there is no such date of
          termination, then the date on which the Gross-Up Payment is calculated
          for purposes of this Section 8), net of the maximum reduction in
          federal income taxes which could be obtained from deduction of such
          state and local taxes. In the event that the Excise Tax is finally
          determined to be less than the amount taken into account hereunder in
          calculating the Gross-Up Payment, Officer shall repay to Employer,
          within five (5) business days following the time that the amount of
          such reduction 

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          in the Excise Tax is finally determined, the portion of the Gross-Up
          Payment attributable to such reduction (plus that portion of the
          Gross-Up Payment attributable to the Excise Tax and federal, state
          and local income and employment taxes imposed on the Gross-Up Payment
          being repaid by Officer), to the extent that such repayment results
          in a reduction in the Excise Tax and a dollar-for-dollar reduction in
          Officer's taxable income and wages for purposes of federal, state and
          local income and employment taxes, plus interest on the amount of such
          repayment at 120% of the rate provided in Section 1274(b)(2)(B) of the
          Code. In the event that the Excise Tax is determined to exceed the
          amount taken into account hereunder in calculating the Gross-Up
          Payment (including by reason of any payment the existence or amount of
          which cannot be determined at the time of the Gross-Up Payment),
          Employer shall make an additional Gross-Up Payment in respect of such
          excess (plus any interest, penalties or additions payable by Officer
          with respect to such excess) within five (5) business days following
          the time that the amount of such excess is finally determined. Officer
          and Employer shall each reasonably cooperate with the other in
          connection with any administrative or judicial proceedings concerning
          the existence or amount of liability for Excise Tax with respect to
          the Total Payments.

          6.   New Section 8(d) of the Agreement is amended (1) by deleting
therefrom the phrase "Notwithstanding officer's entitlements as set forth in
this paragraph" and inserting in lieu thereof the following:

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          Notwithstanding Officer's entitlements as set forth in this Section 8
          or any other plan, arrangement or agreement with the Employer, any
          Person whose actions result in a Change in Control or any Person 
          affiliated with the Employer or such Person

(2) by deleting therefrom the following:

          , after giving effect to Employer's right of offset as provided for
          the next succeeding sentence,

and (3) by inserting at the end thereof the following:

          All calculations with respect to this Section 8(d) shall be performed
          by the Auditor in accordance with the principles set forth in Section
          8(c) hereof.

          7.   The Agreement is amended by inserting the following as a new
Section 8(e):

               (e) For purposes of this Agreement, Officer's employment shall be
          deemed to have been terminated following a Change in Control in
          accordance with Section 8(a) hereof if, during the pendency of a
          Potential Change in Control (as defined below) or within six (6)
          months following the date on which such Potential Change in Control
          ceases to exist (such periods being hereinafter referred to
          collectively as the "Potential Change in Control Period"), in either
          case whether or not a Change in Control subsequently occurs, (i)
          Officer's employment is terminated by Employer without Cause or (ii)
          in the good-faith determination of Officer, Employer materially
          breaches this Agreement and thereafter (whether or not during the
          Potential Change in Control Period) fails 
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          to cure such breach within fifteen (15) days after receipt of notice
          thereof and within one (1) year after Officer first has knowledge of
          such breach Officer terminates her employment.

          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)  Employer enters into an agreement, the consummation of which
          would result in the occurrence of a Change in Control;

               (B)  Employer 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 Employer (not including in the securities
          beneficially owned by such Person any securities acquired directly
          from Employer or its affiliates) representing 15% or more of either
          the then outstanding shares of common stock of Employer or the
          combined voting power of Employer'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.

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               (f) Notwithstanding the provisions of Section 11(f) hereof,
          Employer also shall pay to Officer all reasonable legal fees and
          expenses incurred by Officer in disputing (through litigation or
          arbitration) in good faith any issue hereunder relating to the
          termination (or deemed termination) of Officer's employment following
          a Change in Control or in connection with any tax audit or proceeding
          to the extent attributable to the application of section 4999 of the
          Code to any payment or benefit provided hereunder. Such payments shall
          be made within five (5) business days after delivery of Officer's
          written requests for payment accompanied with such evidence of fees
          and expenses incurred as Employer reasonably may require.

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

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          IN WITNESS WHEREOF, Employer and Officer have executed this Amendment
as of the date first set forth above.

                         GREAT WESTERN
                           FINANCIAL CORPORATION



                         /s/ Jaynie M. Studenmund
                         ------------------------
APPROVED:


By:/s/ Willis B. Wood, Jr.
   -----------------------
   Chairman, Compensation
     Committee of the Board
     of Directors

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