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Greetings, No this means the converter is bad, but you should always replace the front oxygen sensor with this code because it is what makes the converter work. A bad oxygen sensor could have caused the converter to go bad. Bank 2 is the radiator bank. You can test it like this if your scanner has the ability to read the sensor live. Monitor the front and rear O2 sensors on bank 2. If the rear O2 sensor is cross counting like a typical front O2 sensor, it would indicate a catalytic converter problem. If the front O2 sensor is slow, replace the front O2 sensor first and recheck front and rear O2 sensor activity