Banks face spiraling costs from 50-year-old IT

  > Sanchez also believes leading banks will make the 
  > jump first and, as soon as that happens, others
  >  will have to follow.

Could well be the opposite.

Jim Cramer gets on TV every night and says you should ignore regional banks, invest in chronically failing big banks, but many regional and local banks beat the big ones year after year.

It's not just banks - anyone with legacy code such as VB6 is going to be going through the same pain. Moving to the cloud is hardly a solution to lacking the technical knowledge or staff to work on and edit the legacy systems.