Donald Trump’s election may have provided a shot of adrenalin for the big Wall Street banks which have seen their share prices soar on hopes of higher interest rates and lower regulation. But the news that former Deutsche Bank co-chief executive Anshu Jain is joining Cantor Fitzgerald is a reminder that the top investment banks face a growing challenge from nimbler rivals wielding superior technology.

Jain’s move mirrors those by other former top investment banking executives, such as Citi’s Vikram Pandit, who have joined the ranks of the challengers rather than find another seat among the big battalions.