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Also get it on a regular watering schedule. Many plants are really finicky, over watering and under watering can both result in leaf wilting. But yes, cut off the yellow leaf, it cannot be restored.
Also -- repotting these plants so that the roots can spread out and not rot in standing water (evidenced by your yellow leaves) will help immensely. Also, when you re-pot, make sure you use some porous soil at the bottom of the new pot......the comment above about adopting a regular watering schedule is a good golden rule.
This will sound odd, but what you need to do is urinate into the soil surrounding the palm. (be careful not to get any on the plant greenery.) It will help balance the levels and you probably will NOT need to cut off the yellowed branch, as it should slowly go back to green. You may need to repeat in 7 days.
Try it, it really WILL work!
Epsom Salt. Tablespoon or so with some water.
Then after that, drink some with water and it will make you poo hard.
More tips that can make a difference..
Rotate the plant every few days for even sunlight, also do not overwater it is easier to do than you think with this plant I have a few..
uh...I forgot what I was going to say. I was distracted by the Spartacus Bridal ad.
cut the sad leaf off. It is the only one turning yellow in the picture. cutting off dead growth helps spur new growth.