Global payroll can cause headaches for treasury, whether or not the company centralizes the function. A global strategy helps set the right direction, companywide, for payroll payments.

Firms under scrutiny include TFS-ICAP, Tullett Prebon and BGC Partners.

But they're not using the money for capital expenditures, they're just moving it to short-term investments.

Head of quantitative strategy at Socit Gnrale says U.S. companies are massively overspending to finance buybacks, whose impact on stock prices is limited.