The tree will likely survive for the short term, but it will be a safety hazard because of the size of the wound. I'd cut it off well below the split, just above the ground. Use a hand pruning saw, then clean up the cambium with a very sharp edged tool. Clean cambium cuts (as opposed to leaving the cambium ragged from the saw's teeth) heal much faster. You'll get a whole bunch of basal sprouts. Select 1, 2, 3, or 5 that are well-spaced and let them grow. Rub all the other sprouts off (or prune them if you forget) as they occur. BTW - if you cut it off, make sure it's a slanting cut.

Al