[samBergeron]

It's not only banks, I took an internship at an insurance company a couple of years ago that had their entire mainframe written in COBOL.

Not only do they have a hard time finding people to replace their retiring veteran developers, but for smaller companies (like this one) that can't afford to pay ridiculous salaries for a top notch COBOL dev, they have to settle for mediocre aging developers that can write COBOL and are on the job market.

These devs are getting paid good money to work on critical systems and aren't skilled enough to properly maintain them. It would be so much cheaper for these companies to pay better devs to do more recent tech. But it's hard for them to get out of that loop. Makes me rethink where I have my money.