Goldman Sachs President Gary Cohn said Wednesday he is "very concerned about negative interest rates throughout a lot of Europe."
"It's very hard in the insurance business, in the asset management business, in the pension business, when you can't get a return on your capital," he said in an interview with CNBC's "Squawk Alley" during a break at the Goldman Sachs TMT Leveraged Finance Conference.
Cohn was responding to a comment by DoubleLine Capital co-founder Jeffrey Gundlach. In an investor webcast on Tuesday, Gundlach said that roughly $2 trillion of bonds around the world have negative yields.
He added that QE is making Europe cheaper in an effort to attract more foreign investment and tourism to generate jobs.
"I think a lot of us are going to plan vacations in Europe this summer and that's exactly what I think Mario Draghi had intended as he started down the QE plan."