I work for a company that develops and maintains code that "no one knows anymore" which helps run the US banking system. This article is ill informed fear mongering and the proposed "solution" is a joke.
replies(1):
COBOL is used still for far more reasons than technical debt, there is good reason for the language and I doubt Java is even capable of replacing it. Even if an AI could write a 100% perfect Java version of COBOL, Java would fall flat on its face. COBOL and other languages like it are very performant languages, optimized over more than a half century.