DUBAI (Reuters) – Goldman Sachs CEO David Solomon said on Tuesday the world “nationalized fixed income markets” for 40 years and is in the process of privatizing them again, which “is disruptive.”

“If we have a significant recession in the U.S. or elsewhere in the world, we will work through that,” but it will take a variety of decisions and time to work through, he said, speaking on a panel at Saudi Arabia’s flagship investment conference FII.

(Reporting by Yousef Saba)