Can anything save this tree?

Impossible to tell with info provided. Pix are necessary but not sufficient.

It the bark is flaking off the trunk on a young tree, it might already be dead. Gently scratch a divot on the bark. Start at the top of the tree and work your way down until you see green in the divot. Green = alive and brown = dead. If brown to the ground, it's a gonner unless you get sprouts from the base.

John

Another name for these is Paper Bark Eucalyptus. The red flowering species is just a small version of a large Euc. Crush a leaf and smell it, right away you will see the connection.

The bark on these peels like an Acer griseum. If that is what is going on, then no problem. Also, the leaves only live about 3 years, so if the interior of the tree has yellow leaves and the outside ones are still green, no cause for alarm.

One thing they do like is good drainage, they will not live if you are just a few inches above the water table like so many places are in SE FL.

Without a picture and where the tree lives, it is so hard to give advice.

Thought we were talking about some hardy aesculus. Wondered about the weeping red part of the OP...

And I thought we were talking about Callistemon sp. Maybe we need to know what this red Bottle Brush Tree is? Picture definitely needed.

It is a Callistemon.

I think it is Callistemon, closely related to the Paperbark Melaleucas. The Maleluccas are several times larger, but the bark and flowers are similar. All have the aromatic stiff leaves.