In this paper, we discuss the speckle reduction in images with the recently proposed Wavelet Embedded Anisotropic Diffusion (WEAD) and Wavelet Embedded Complex Diffusion (WECD). Both these methods are improvements over anisotropic and complex diffusion by adding wavelet based bayes shrink in its second stage. Both WEAD and WECD produces excellent results when compared with the existing speckle reduction filters. The comparative analysis with other methods were mainly done on the basis of Structural Similarity Index Matrix (SSIM) and Peak Signal to Noise Ratio (PSNR). The visual appearance of the image is also considered.