A method for equalizing the received signal in communications based on filterbank multicarrier modulations and, more particularly, to such a method and system especially advantageous in situations where the channel frequency selectivity is exceptionally high. The method significantly improves the performance of traditional filterbank equalization algorithms based on finite impulse response filters at the output of the receive filterbank. Furthermore, the system consists of multiple parallel stages, the number of which can be tuned to achieve a good compromise between performance and computational complexity. Thanks to this modular structure, and to the fact that most of the architecture can be efficiently implemented using fast Fourier transforms, the system presents a very low computational complexity compared to more traditional equalizers for filterbank multicarrier modulations.