He was a student at Harvard College before transferring to Yale, where he completed a Bachelor of Arts degree in chemistry. He then studied for a year at the Harvard Business School before attending New College, Oxford as a Rhodes Scholar. At Oxford, Hayes studied economics.
Hayes was known as a conservative money manager who took a strong stand against inflation. He also had a reputation as a lightning-fast mathematician. In 1933, Hayes became an analyst for the investment department of City Bank Farmers Trust Company
In 1940 he transferred to the bond department of the National City Bank.
Two years later he became assistant secretary in the investment department of the New York Trust Company During World World War II, Hayes served for two years in Washington, District of Columbia and Rome as a United States. Navy lieutenant in the office of financial planning for military government and later in the office of the Foreign Liquidation Commissioner.
After the war, Hayes returned to New York Trust, where he became assistant vice president (1947). From 1949 to 1955 Hayes served as vice president in charge of the Trust"s foreign division.
Most notably, Hayes served from 1956 to 1975 as president of the Federal Reserve Bank of New New York
You have the power to veto what the Congress does, and the fact is that you have done lieutenant You are going too far."
After leaving the Federal Reserve, Hayes served as chairman of Morgan Stanley International. He retired in 1981. He died on October 21, 1989.
John Brooks, "Annals of Finance: In Defense of Sterling I," The New Yorker, March 23, 1968, 44-96
John Brooks, "Annals of Finance: In Defense of Sterling II," The New Yorker, March 30, 1968, 43-101.
President board trustees Lingnan University, Canton, China, 1947-1954. Member council Yale University, 1961-1968. President Howard Florey biomedical Foundation, 1973-1989.
Lieutenant United States Naval Reserve, 1944-1946. Member Council Foreign Relations, Pilgrims United States, Canada Society, Economic Club (president 1965-1966), Century Association, River Club, Phi Beta Kappa, Sigma Xi, Phi Alpha Kappa, Beta Gamma Sigma, Alpha Delta Phi.
Married Vilma F. Chalmers, December 30, 1937. Children: Anita Robertson Gratwick, Thomas Chalmers.