Goldman Sachs President and COO Gary Cohn said on Friday that he would watch closely what the world's finance ministers say about regulation when they meet in Australia this weekend.
(Read more: Frail EMs hot topic for G-20 meeting)
"I'm not sure less regulation is the answer, smart regulation is the answer," Cohn said at an event held in Sydney ahead of the G-20 meeting. "Right now we have different regulatory regimes out there and if we could come up with one smart harmonized regulatory environment that would be the best thing for everyone."
In the wake of the global financial crisis in 2007-2008, the banking sector has seen a wave of regulation.
"A lot of what we have done over the last 4-5 years has been good regulation, I don't want to undo that -- raising capital standards, liquidity," Cohn said. "What we're looking for is greater harmonization and greater consistent implementation around the world."