Oh dear, that doesn't look good. At best you'll have suckers/shoots coming from the edges of the cut, something like this:http://pics.davesgarden.com/pics/2003/03/04/Kell/1e514b.jpg But I wouldn't keep my hopes up. If you don't mind my asking, why it was cut like that?
Most likely something will come back. My question would be why let it come back since it required such a prune job. Wouldn't it be best to put a different plant in it's place which fits the spot better. Everyday someone comes out with a new great plant
At first there will be some years of Bad Hair Day but eventually it will begin to look better - unless the heartwood stain indicates there is another problem.
It will backbud, no doubt about that. If you prune back to two buds in autumn, you can keep it reasonably small and it will ramify. The more ramifications, the smaller the leaves in the end. That's bonsai growing technique, in the ground, since you can't prune the roots, the internodes will probably be rather long, but if you prune it also while in full leaf, you will see it backbud where the new shoots have appeared. I think...
