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Google says replacing C/C++ in firmware with Rust is easy
(www.theregister.com)
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Have you ever worked at large old corporation? Wasting money is a bit of an underestimation on that scale.
Also, not all banks use COBOL, but the ones that don't are usually much younger.
Besides, Ada would've been a better example, as it is used by telecoms and seems to be held in high regard, unlike COBOL. The only issue with Ada I heard of is that it's on par with C++ in complexity which is far from being simple.
I'm not sure you understand that it's way more than "large old corporations" that use it. Everyone uses it, from large multinationals to small one-taxi shops, and even guys like you and me in personal projects. This has been going on for years. I really don't know what led you to talk about large old corporations, seriously.
Are we still talking about COBOL?