Make the cake: Preheat the oven to 350F degrees. Grease and lightly flour two 8-inch round cake pans. Set aside.
Whisk together the flour, baking powder and soda, cloves, cinnamon, nutmeg, and salt. Set aside.
Cream the sugar and butter until fluffy, about 3 minutes. Beat in eggs 1 at a time, beating well after each addition. Stir in vanilla.
Mix in the flour mixture, alternating with the mashed bananas.
Pour the batter into the prepared cake pans and bake for 23-25 minutes, or until a cake tester comes out clean. Allow to cool for about 5 minutes on a cooling rack, then invert onto rack to coll completely.
Make the frosting: In the bowl of an electric mixer with paddle attachment, cream the softened cream cheese, about 2 minutes. Add the softened butter and beat on high until thoroughly creamed, about 3 minutes. Turn mixer speed to low and slowly add about 1/2 cup at a time of the confectioners sugar. Once all the sugar has been added, beat on high again until smooth, about 2 minutes.
To complete the cake: Place one layer of cake onto serving plate. Spoon a generous amount of the frosting onto the middle of the cake and using an off-set spatula, spread over top of layer and down sides of cake, smoothing as you go.
Slice the ripe banana and place slices evenly, covering entire service until all the banana has been used.
Gently smooth additional frosting over the layer of bananas. Place second layer of cake on top of first layer and repeat frosting process, covering the top and spreading over the sides until covered with thickness to your liking.
You can serve the cake immediately, but it tastes better if you place the cake in the fridge until the frosting has firmed up, at least 2 hours. This also makes for nice slicing presentation.
This cake is at it's peak the second day and should be stored in the fridge up to 3 days. To set the frosting, first refrigerate uncovered until the frosting has firmed up. Then gently place plastic wrap, completely covering the cake. When it's time to serve, remove from refrigerator and gently peel off the plastic.