Wouldn't the opposite solution be better? Write a compiler from Cobol to another language? Perhaps C, because C can be called from any other language and can do gotos, etc to emulate legacy control flow and other oddities.
After you have your legacy Cobol code running in a modern environment and the frontend can interface with it, you can start gutting it piece by piece to get rid of the legacy codebase.
I fear that in 50 years, there will be a tremendous need for programmers that can deal with a horrible 1990's language called Java and fucked up non-paradigm called object oriented programming.
I also see this as a problem with the companies who still want to maintain code from decades ago. It will become more expensive day by day. Of course, to a banker, computer programming and it maintenance is nothing but a cost. However, at some point it will become more affordable in the long term to just scrap the old legacy systems.