An Oxford graduate, Niemeyer began working for HM Treasury in 1906 and rose rapidly through the ranks, finishing his time there as controller of finance (1922–1927).

His visit to Australia in 1930 contributed to a political crisis that resulted in the Australian Labor Party split of 1931 and the collapse of James Scullin's government.

He represented the bank on the financial committee of the League of Nations until 1937 and on the Corporation of Foreign Bondholders from 1935 to 1965, including as vice-president from 1950 to 1955 and president from 1955 to 1965.

In November 1938 had, after discussions with the President of the German Reichsbank, Hjalmar Schacht, Niemeyer put forward a proposal linking Jewish emigration from Germany which would enable Jews to transfer their government bonds to foreign countries.

[2] Niemeyer was elected an executive director of the bank in 1938, alongside Cameron Cobbold, and was briefly mooted as successor to Norman in 1944; his candidacy was vetoed by Winston Churchill.

He came by arrangement with the Commonwealth Bank of Australia and agreement by Prime Minister James Scullin, who hoped to use Niemeyer's advice as an affirmation of his government's financial policy.

Scullin announced the visit in Parliament on 19 June 1930: "The Commonwealth representative in London has for some time been in close consultation with the Bank of England and other financial authorities with a view to finding a solution of the growing difficulties of providing exchange to cover Australian payments oversea.

The high point of Niemeyer's tour was his address at the Melbourne Conference of Commonwealth and State leaders, where he said that the 'cold facts must be faced' ... 'In short, Australia is off budget equilibrium, off exchange equilibrium, and faced by considerable unfunded and maturing debts both internally and externally, in addition to which she has on her hands a very large program of loan works for which no financial provision has been made'.

Anti-English and anti-German sentiment were both at play in the general public rejection of Niemeyer's advice, as well as anti-Semitism (it being wrongly assumed that he was Jewish).

He was seen as promoting the interests of wealthy overseas bankers at the expense of the Australian people, who were struggling to cope with the Great Depression.