Tinkov, the founder of Tinkoff Bank, was once celebrated as one of Russia’s wealthiest bankers. That status changed dramatically in April 2022, when he used Instagram to denounce the war as “insane” and to criticize Russia’s military as poorly prepared and riddled with corruption. As CNBC reported at the time, Tinkov claimed 90% of Russians opposed the war, and the remaining 10% were “morons.” He urged an immediate and “face-saving” end to the war.​

Tinkov told the BBC recently that within a day of that post, senior executives at his bank received a call from officials linked to the Kremlin, delivering a stark ultimatum. Either Tinkov’s stake would be sold and his name scrubbed from the brand, or the bank—then one of Russia’s largest lenders—would be nationalized.

A forced fire sale

Tinkov said that what followed was not a negotiation but coercion under threat. He claimed he was told to accept whatever price was offered for his roughly 35% stake in TCS Group, the owner of Tinkoff Bank, or risk losing everything. “I couldn’t negotiate the price. I was like a hostage,” he told The New York Times. He ultimately sold the stake in April 2022, shortly after his Instagram post.​

Within a week of this conversation, Tinkov said, a firm linked to metals magnate Vladimir Potanin, one of Russia’s richest men and a key supplier of nickel used in military hardware, stepped in to buy the stake. Tinkov told the BBC that the deal valued his holding at just about 3% of its true market worth, wiping out almost $9 billion of the wealth he had built over decades in business.​

Exile and erasure

After the sale, Tinkov left Russia, eventually renouncing his Russian citizenship and becoming one of the few high-profile businessmen to publicly break with the Kremlin over the war. He alleged that the campaign against him extended beyond the balance sheet, including pressure to remove his name from the bank brand and efforts to erase his role in building the institution that once carried it.​

In his telling, the episode shows how quickly loyalty is enforced when oligarchs step out of line. Public criticism of the invasion, even from a figure whose bank helped power Russia’s consumer boom, was treated as a direct challenge to the state in wartime. There are numerous examples from the recent past, including the erstwhile oil tycoon Mikhail Khodorkovsky, formerly Russia’s richest man, who spent 10 years in jail after launching a pro-democracy organization in 2001.​ Like Tinkov, he has since become an exile, residing in London.

For his part, Tinkov has taken a few years to retrench and is newly visible in 2025, recently emerging as a backer of Plata, a Mexican fintech led by former Tinkoff Bank executives.

But the former oligarch’s experience sits within a wider pattern described by analysts who say the Kremlin now relies on a mix of fear and opportunity to keep Russia’s wealthy elite compliant. Sanctions, war-time controls and the threat of asset seizures have made fortunes inside Russia highly contingent on political loyalty, while the departure of Western firms has opened up bargain acquisitions for trusted allies.​

The war in Ukraine, meanwhile, has rumbled on, with President Trump holding meetings and calls with both Putin and Ukrainian President Volodymyr Zelensky. After the 2025 Christmas holiday, Trump met with Zelensky at his Mar-A-Lago resort in Florida while fielding phone calls with Putin, claiming a peace deal is “closer than ever,” more than three years after Tinkov made his fateful Instagram post.

In an interview with CBS News’ Face the Nation that aired Sunday, he was asked about President Donald Trump’s upcoming nomination of a new Fed chair to replace Jerome Powell and what it means for consumers.

“There’s too much fascination with the Fed,” Moynihan said.

The economy is driven by the private sector, which includes small, medium, and large companies as well as entrepreneurs, he added.

“The idea that we are, like, hanging on the thread by the Fed moving rates 25 basis points, it seems to me we’ve gotten out of whack,” he said.

The interview was recorded on Dec. 17, a week after the central bank lowered rates by a quarter point for a third consecutive meeting amid mounting signs of weakness in the labor market.

While the bank chief doesn’t think most Americans should fixate so much on the Fed’s rate moves, Wall Street has been counting on more easing to keep the stock market rally going.

Moynihan also acknowledged the Fed is the lender of last resort and plays a key role in stabilizing the economy, markets, and prices in times of extreme stress, such as during the financial crisis and the COVID-19 pandemic.

“But other than that, you shouldn’t know they exist, quite frankly,” he said.

However, when pressed about political interference worries at the Fed when a new chair takes over, he replied: “The market will punish people if we don’t have an independent Fed.”

That’s as Trump has continued to demand steeper rate cuts since he returned to the White House this year while applying extreme pressure on policymakers. He has relentlessly insulted Powell for not easing more, considered firing him, threatened to sue over cost overruns on the Fed’s headquarters renovation, and is still attempting to oust Fed Gov. Lisa Cook.

More recently, administration officials have suggested new conditions ought to be placed on the Fed’s regional presidents, raising fears of a purge. 

But earlier this month, the Fed reappointed those bank presidents a bit earlier than usual, surprising Wall Street and reducing concerns about threats to its independence.

That likely sets up Powell to step down from the Fed with more reassurance when his term as chair expires in May.

But Trump may still clash with his hand-picked replacement because the economy may prevent the central bank from lowering rates as much as he would like, according to Capital Economics.

The investment surge led by artificial intelligence is just the start of a multiyear boom in capital spending. As a result, GDP will grow at a robust rate of 2.5% in both 2026 and 2027, even after accounting for a weaker job market that will slow consumption, according to a recent note.

“With core inflation remaining above the 2% target for some considerable time, we think the Fed will cut its policy rate by only 25 [basis points] in 2026, putting the new Fed chair and President Trump at loggerheads almost immediately,” Capital Economics predicted.

That’s because research shows many companies are moving away from relying on the traditional job application requirement.

In fact, almost three-quarters of companies now use skills-based assessments throughout their hiring process, according to TestGorilla’s The State of Skills-Based Hiring 2023 report which surveyed 3,000 employees and employers around the world. This is up from 56% in the previous year.

Although many of those employers are still also using CVs, it might not be long until they’re a thing of the past because most bosses are already favoring the new hiring practice and reporting big results. 

Skills-based hiring is more effective, the data shows

The employers surveyed who use skills-based hiring—which includes role-specific skills assessments, instead of simply scanning someone’s listed career experience—reported massive gains.

According to TestGorilla’s research, it reduced the number of mis-hires by 88%, total time spent searching for the perfect candidate by 82%, and hiring-related costs by 74%.

Overall, 92% of the employers surveyed reported that skills-based hiring is more effective at identifying talented candidates than a traditional CV. Meanwhile, over 80% said it’s more predictive of on-job success and leads to new hires staying longer in their roles.

By testing candidates on how they would handle the actual day-to-day responsibilities of a role, employers are more likely to hire the best person for the job instead of being drawn by big names and snazzy titles.

As Khyati Sundaram, CEO of the skill-based recruitment platform Applied, previously told Fortune, just because someone has listed on their résumé that they’ve worked with the SEO team at somewhere alluring like Google, it doesn’t actually mean they know the ins and outs of search engine optimization to the extent that’s required for a role. 

“We are trying to make sure the test or the question is as relevant to the job as possible,” Sundaram said, adding, “That’s the reason that candidates love it too.”

Intuitively people may assume that taking multiple skills-based tests would feel like more of a nuisance for job seekers than simply blasting their CV at hundreds of roles—but the data shows otherwise. 

Most of the workers that TestGorilla surveyed think that skills-based hiring levels the playing field and improves their chances of bagging their dream jobs. 

This is especially true for candidates who are often overlooked. In fact, around three-quarters of the Black, Asian, and Arab employees that TestGorilla surveyed have already reportedly gained access to new employment opportunities through skills-based assessments.

Move to scrap CVs comes as firms drop degree requirements

The uptick in skills-based hiring comes as degrees have slidden down the priority list for employers.

Google, Microsoft, IBM, and Apple previously eliminated their long-held degree requirements to remove barriers to entry and recruit more diverse talent. Meanwhile, recruiters globally are five times more likely to search for new hires by skills over higher education.

A former Cisco top executive in the U.K. also said young aspiring workers would be better off skipping out on college to join the world of work straight away.

“In university, you come out with whatever degree you may get, but it’s almost certainly saddled with debt,” David Meads, former Cisco’s U.K. and Ireland CEO, told Fortune. “Is that better than on-the-job experience where you’re rotating through different parts of our organization, and living the reality and not just the theory?”

“For me, attitude and aptitude are more important than whatever letters you have after your name, or whatever qualifications you’ve got on a sheet,” he added.

But research has shown that skeptical Gen Z remain unconvinced: They’re shunning apprenticeship schemes in favor of going down the traditional route of college. So perhaps they will still go through the bore of writing a résumé—even if, like a college degree, it’s no longer needed.

A version of this story originally published on Fortune.com on November 23, 2023.

More on Gen Z careers:

Join us at the Fortune Workplace Innovation Summit May 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.