How often have you been watering it? I would hold off on cutting it. Hopefully others will have advice for you.
Christine

Cold and wet are a bananas worst enemy. I would dig up the rootball and check the roots and true stem/bulb for signs of rot. If they are mushy or black that means they rotted. Bananas like water but like to be well drained. Make sure you have large holes in the bottom or your pot and lots of perlite or other coarse medium mixed into your potting soil.