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Default leave only first letter of last name

I tried to search for this solution on the web, but finally gave up.

Here's what I want to do

In a cell I have a users First and Lastname (yes both in the same
cell).
I'd like to end up with Firstname and first letter of Lastname (don't
have to still be in a single cell, but would be nice).

So go from: Ima User to Ima U

Thanks for your help

 
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