Nomura Holdings <8604.T>, Japan's largest investment bank, is planning major cost cuts that will like have the biggest impact on its loss-making European operations, the Wall Street Journal reported Wednesday, citing people familiar with the matter.

Some Nomura executives are calling to make cuts totaling as much as $1 billion a year and to refocus on profitable operations in the United States, Japan and rest of Asia, the newspaper said.

An announcement of its plans could come as early as November 1 when Nomura is scheduled to announced its quarterly results, the newspaper said.

But the paper added the cost-cutting plans could yet be scrapped, scaled back or implemented in stages.

Nomura spokeswoman Joey Wu declined to comment on the report.

Shares of Nomura were down 1.1 percent in morning Tokyo trade, in line with the broader market.

(Reporting by Nathan Layne; Editing by Edwina Gibbs)