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Using Replace to remove unspecified amount of letters

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I am a teacher.  I have an excel file of all students written as Lastname, Firstname  for example Smith, John or Walker, Martin.  How can I use the replace command to change each cell so that it only contains the last name, the comma, and ONLY THE FIRST LETTER of the first name i.e. Smith, J    Walker, M

Thank you

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Thank you so much! Worked amazingly after I spent so much time trying to use the Replace command with * and ? that just didn't work. Thanks for taking the time to answer.