In an amplifier, a first stage receives a differential input voltage, which is formed by first and second input voltages, and outputs a first differential current in response thereto on first and second lines having respective first and second line voltages. A second stage receives the first and second line voltages and outputs a second differential current in response thereto on third and fourth lines having respective third and fourth line voltages. A transformer includes first and second coils. A first terminal of the first coil is coupled through a first resistor to the first line. A second terminal of the first coil is coupled through a second resistor to the second line. A first terminal of the second coil is coupled through a third resistor to the third line. A second terminal of the second coil is coupled through a fourth resistor to the fourth line.