Prep. Preheat your oven to 375°F (190°C) and position a rack in the center. Prepare your cake pan by lining it with parchment paper and lightly greasing or spraying it with non-stick cooking spray.
Wet ingredients. In a large mixing bowl, use an electric mixer set to medium speed to thoroughly combine the sugar, eggs, and vegetable oil until the mixture is smooth and light in color.
Dry ingredients. In a separate bowl, whisk together the cake flour, baking powder, baking soda, salt, cinnamon, cloves, ginger, and allspice to evenly distribute all the leavening agents and spices.
Combine wet and dry ingredients. Alternately add the dry ingredients and the milk to the wet mixture, beginning and ending with the dry ingredients. Mix on low speed just until the batter is combined and smooth, being careful not to overmix. Stir in the mashed bananas last. The batter will appear thin, but this is expected.
Bake. Pour the cake batter into the prepared pan and smooth the top with a spatula. Bake for 30-40 minutes, or until a toothpick or cake tester inserted into the center of the cake comes out clean. Remove from the oven and allow to cool in the pan on a wire rack for at least 20 minutes before removing from the pan to cool completely.
Make the frosting. While the cake cools, prepare the frosting. In a medium bowl, use an electric hand mixer to blend the softened cream cheese, melted butter, and vanilla extract until smooth and creamy. Gradually add the powdered sugar, one cup at a time, mixing well after each addition until the frosting is smooth and reaches your desired consistency. Adjust thickness by adding a teaspoon of milk if the frosting is too stiff.
Frost the cake. Once the cake is completely cool, spread the frosting evenly over the top and sides with a spatula or knife. Decorate as desired.