After six months as a passive 47% shareholder in Target Corp.'s credit card portfolio, JPMorgan Chase & Co. may soon have reason to take a more active role.

In each of the last two months, the retailer has charged off more than 10% of the $8.7 billion portfolio. In Target's fiscal third quarter, which ended Nov. 1, its profits from the card business dropped 83% from a year earlier.

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