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                            UNITED STATES
                 SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C. 20549
                             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, 1995
                                 OR
[  ]       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
              OF THE SECURITIES EXCHANGE ACT OF 1934

           For the Transition Period from   N/A   to
                                           -----      -----
                    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

     Securities registered pursuant to Section 12(b) of the Act:
                     Common Stock $0.01 par value
                            (Title of Class)

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

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
                                           -----            -----

The  approximate aggregate market value of the voting stock  held
by  non-affiliates  of the Registrant as of  February  15,  1996:
$139,389,004.

The number of shares of Registrant's $0.01 par value common stock
outstanding as of  February 15, 1996:  10,614,402.

                  DOCUMENTS INCORPORATED BY REFERENCE

Portions   of   the  Proxy  Statement  for  Annual   Meeting   of
Stockholders, April 24, 1996 (Parts III & IV).

Indicate  by  check  mark  if  disclosure  of  delinquent  filers
pursuant  to Item 405 of Regulation S-K (sub-section  229.405  of
this chapter) 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
the Form 10-K or any amendment to this Form 10-K. [X]
===================================================================
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ITEM   7--MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS


OVERVIEW

      The  Company's  results of operations are affected  by  its
levels  of  net  interest  income, provisions  for  loan  losses,
non-interest income, non-interest expense and income  taxes.  The
Company's  results  are  strongly  influenced  by  the   Southern
California economy in which it operates.

      Net  earnings  of  $6.5 million or  $0.61  per  share  were
recorded  in  1995. Net losses of $24.5 million and $2.0  million
were  reported  in 1994 and 1993, respectively. On  a  per  share
basis,  the  losses during 1994 and 1993 were  $2.32  and  $0.20,
respectively.  The Company's results over the  last  three  years
have  been  impacted  by  the  prolonged  economic  recession  in
Southern  California. Loan charge-offs were $39.7 million,  $45.4
million,   and  $48.6  million  during  1995,  1994   and   1993,
respectively.   The  Company also transferred $21.4  million  and
$32.5  million to valuation allowances for impaired loans  during
1995  and  1994,  respectively.   Loan  charge-offs  during  1994
include  $13.8  million in losses directly  attributable  to  the
January  17, 1994 earthquake in Southern California.  Charge-offs
related to the 1994 earthquake during 1995 were $2.4 million.

      Certain  key financial ratios for the Company are presented
below:

<TABLE>
<CAPTION>
                                                               Average
                                        Return on  Return on  Equity to
                                         Average    Average    Average
                                          Assets     Equity     Assets
                                        ---------  ---------  ---------
   
<S>                                     <C>        <C>        <C>
1995.................................      .16%       3.47%      4.49%
1994.................................     (.64)     (12.78)      4.97
1993.................................     (.06)      (1.01)      5.61
1992.................................      .65       11.09       5.86
1991.................................      .90       16.09       5.63
    
</TABLE>
      
      Core  earnings  reflect the Company's  results  from  basic
operations and were $45.6 million in 1995, $46.5 million in  1994
and  $62.2  million  in 1993. Core earnings are  defined  as  net
interest  income  before  provision for loan  losses  plus  other
income  (excluding  gain on sale of loans and  securities)   less
non-interest expense.   Non-recurring  items are  excluded   from
core  earnings.  Core earnings decreased in 1995 compared to 1994
primarily  as a result of decreased loan servicing  fees  due  to
payoffs of loans serviced for others. Core earnings decreased  in
1994  compared to 1993 primarily due to a decline in net interest
income.

      Non-performing assets (primarily loans 90 days past due  or
in foreclosure plus foreclosed real estate) were $96.6 million or
2.33%  of total assets at December 31, 1995. This figure compares
to  $92.6  million or 2.23% of total assets at December 31,  1994
and $118.2 million or 3.23% of total assets at December 31, 1993.
The  increase  in  non-performing  assets  during  1995  was  due
primarily  to  growth  in  foreclosed real  estate  and  a  small
increase  in  non-performing  loans.  The  decrease  during  1994
compared to 1993 was due to a bulk sale of $29.6 million in  non-
performing  loans  and  $2.3 million in foreclosed  real  estate.
Increased   delinquencies   and   foreclosures   resulting   from
unemployment  and  decreased  real  estate  values  in   Southern
California have impacted the level of non-performing assets  over
the last four years.

     The Company issued $50 million in 10-year Notes during 1994.
The  net  proceeds were contributed to the Bank  as  capital.  At
December 31, 1995, the Bank's regulatory risk-based capital ratio
increased  to  10.98%  and the tangible and core  capital  ratios
increased to 5.63%. The Bank met the regulatory capital standards
to be deemed "well-capitalized" at December 31, 1995.

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                              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.

                                  FIRSTFED FINANCIAL CORP.,
                                  a Delaware corporation
                                
                                  By: /s/ William  S. Mortensen
                                      -------------------------                
                                        William S. Mortensen,
                                  Chairman and Chief Executive Officer

Date:   March 26, 1996

                           POWER OF ATTORNEY

      Each person whose signature appears below hereby authorizes  
William S. Mortensen and James P. Giraldin,  and each  of them or 
either of them, as attorney-in-fact to sign on  his or her behalf 
as  an individual and in every capacity stated below, and to file 
all amendments to the Registrant's Form  10-K, and the Registrant 
hereby confers like authority to sign and file in its behalf.

     Pursuant  to the requirements of the Securities Exchange Act  
of  1934,  this  report has been signed  below  by  the following  
persons  on  behalf  of  the  Registrant  and  in  the capacities 
indicated on the 26th day of March, 1996. 
              
           SIGNATURE                      TITLE
 
 /s/ William S. Mortensen      Chairman of the Board (Principal
----------------------------      
     William S. Mortensen      Executive Officer)

 /s/ James P. Giraldin         Executive Vice President (Principal
----------------------------          
     James P. Giraldin         Financial Officer)

 /s/ Ruben H. Valle            Senior Vice President and Controller
----------------------------            
     Ruben H. Valle            (Principal Accounting Officer)

 /s/ Samuel J. Crawford, Jr.   Director
----------------------------       
     Samuel J. Crawford, Jr.

 /s/ Christopher M. Harding    Director
----------------------------       
     Christopher M. Harding

 /s/ Babette E. Heimbuch       Director
----------------------------         
     Babette E. Heimbuch

 /s/ James L. Hesburgh         Director
----------------------------          
     James L. Hesburgh

 /s/ June Lockhart             Director
----------------------------            
     June Lockhart
     
 /s/  William G. Ouchi         Director
----------------------------         
      William G. Ouchi

 /s/ William P. Rutledge       Director
----------------------------         
     William P. Rutledge

 /s/ Charles F. Smith          Director
----------------------------          
     Charles F. Smith

 /s/ Steven L. Soboroff        Director
----------------------------         
     Steven L. Soboroff

 /s/ John R. Woodhull          Director
----------------------------          
     John R. Woodhull


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