Great Western Reports Loss of $18.9 Million

Great Western Financial Corp. of Chatsworth reported a fourth-quarter loss of $18.9 million, compared with a loss of $97.3 million a year earlier.

For all of 1993, the parent company of Great Western Bank said it turned a profit of $62 million, down 27% from a profit of $85 million in 1992. Great Western said its latest quarter loss was due to provisions for real estate and loan losses of $149 million, and restructuring charges of $30 million.

The restructuring includes the elimination of 1,000 jobs, half through layoffs. As a result of the restructuring, the company said it expects annual savings of more than $100 million beginning in 1995. James F. Montgomery, chairman and chief executive officer, also said he did not expect a “material loss” from the recent Northridge earthquake. Great Western’s assets as of Dec. 31 were $38.3 billion, about the same as a year ago.