Who replaced the traditional Jewish leaders?

When we speak of the advance of secular values among the Jewish people with the advent of the Enlightenment and the Emancipation we recognize the Jewish people's traditional leadership’s concomitant loss of power. 

   Question: Which leaders replaced the traditional leadership of rabbis and stadlanim? 

   Answer:   The Jewish bankers. 

The bankers embodied the international flavor of the Jewish people in Europe, and they achieved, through the House of Rothschild, the status of banker to the great powers. 

The Jewish banker came to represent, in the eyes of the world and in the eyes of the disaffected, secular Jew, the quintessence of the Jewish people of 19th century Europe.