A receiver has a first equalizer circuit that includes a first stage having a source degeneration circuit and a trans-impedance amplifier (TIA). The source degeneration circuit includes a resistor coupled in parallel with a capacitor. The TIA includes an embedded variable gain amplifier with a gain controlled by feedback resistors. Each feedback resistor is coupled between input and output of the TIA. In some implementations, the receiving circuit has a second equalizer circuit coupled in series with the first equalizer circuit. The second equalizer circuit includes a first stage having a source degeneration circuit and a TIA. The source degeneration circuit in the second equalizer circuit has a source degeneration resistor coupled in parallel with a source degeneration capacitor and the TIA includes an embedded variable gain amplifier whose gain is controlled by feedback resistors coupled between input and output of the TIA in the second equalizer circuit.