High dynamic range (HDR) imaging is an area of increasing importance, but most display devices still have limited dynamic range (LDR). Various techniques have been proposed for compressing the dynamic range while retaining important visual information. Multiscale image processing techniques, which are widely used for many image processing tasks, have a reputation of causing halo artifacts when used for range compression. However, we demonstrate that they can work when properly implemented. We use a symmetrical analysis-synthesis filter bank, and apply local gain control to the subbands. We also show that the technique can be adapted for the related problem of “companding”, in which an HDR image is converted to an LDR image, and later expanded back to high dynamic range.