For the basic processes, why wouldn’t they? It’s not like adding an amount of money to an account while simultaneously subtracting the same amount from another account has gotten out of vogue or that the algorithms to do so have changed.

FTA: “the reason it lasted is because it was very simple and it worked properly and it was high volume, simple transactions,” he added. “The banks are moving away from these systems because the people who understand them are leaving, and no young professionals want to learn languages like Cobol.””

I guess young professionals do not want to write software that is very simple and works properly (/s, but only partially)

> I guess young professionals do not want to write software that is very simple and works properly (/s, but only partially)

Maybe it makes sense to look at this through the developers' career-management lense.

Specializing in a potentially niche technology such as mainframe COBOL means limited job options as time goes on.

With few employers and few employees in that market, small changes could drive salaries much higher or much lower. (I'm speculating.)

It would make sense for developers to demand higher salaries to justify that risk, but AFAIK banks have a reputation for low developer pay.

Anybody is free to take that place. The truth is organizations want experienced COBOL programmer, not a new one, and it is basically impossible to get experience in that area. Your toy projects don't count, a mistake could cost billions to a bank.