This is a kind of "golden oldies" posting -- the first I have done on this site. I posted this link last summer. But it needs to be re-posted here. Because the Bank of Boston gets a lot of publicity as being the most advanced large US bank in its y2k repairs, we need to put this in perspective. It is the 15th largest bank in the US.
You need to read the entire article. Pay particular attention to the problem BB has had in absorbing another bank with a different computer system.
This is a major problem for all industries. In a normal recession, solvent companies buy bankrupt ones, cheaply. Not in 2000. The insolvent companies will have "poison pills" in them: noncompliant code.
This will make the unemployment rate far worse.