After its third-quarter earnings eroded 32%, Bank of America's CEO Ken Lewis confided that the investment bank is planning major internal overhauls.

BAC reported earnings of $3.7 billion, or 82 cents a share, from $5.42 billion, or $1.18 a share a year ago. Net interest income escalated to $8.62 billion from $8.59 billion, while its provision for credit losses rose to $2.03 billion from $1.17 billion a year earlier.

BAC could have easily used the credit crunch as a scapegoat, as most financial institutions have done recently, but Lewis says the company's third-quarter issues were mostly caused by mistakes in judgement, not the market. As a result of the rather significant corporate mistakes, Lewis has stated the company will complete an internal review this month. A public outline of the bank's plans are slated to become available in December or January.

Investors have responded accordingly, as BAC shares have dropped more than 3.5% during intraday trading. Earlier this month the stock finally broke through resistance at the 52 level, but have since declined to levels not seen since mid-August. Analysts apparently have faith that BAC will rise again, as the stock has 8 strong buy ratings, one buy rating, 6 hold ratings, and no sell or strong sell ratings.

As of 12:15 p.m., BAC is down 1.77 points, or 3.54%, trading at $48.26.