(Bloomberg) Banks globally are finding there are fewer corporate acquisitions to finance now, forcing lenders to focus on a less lucrative business: giving loans to corporations looking to cover rising expenses amid high inflation. The value of global acquisitions has dropped about 29% compared with the same time a year ago, according to data compiled by Bloomberg, amid widespread market volatility that’s left firms dealing with soaring interest rates. That’s led to a drop in new business for banks arranging high-grade loans backing deals, with a 55% slump in the US year-to-date compared with the same period in 2021 and a similar plunge in Europe. It adds to a worrying picture for lenders, with Citigroup Inc. recently warning that the dealmaking slowdown is here to stay. Although banks are replacing some of the lost business by arranging funding to cover companies’ surging expenditures as input costs rise, that type of transaction is far less profitable than arranging loans bac