UPDATE 2-Commerzbank former CEO, board members get 7.6 mln euros in exit package

* Bank expects net loss in 2021

* Disclosure on compensation comes as bank cuts jobs (Updates with details)

FRANKFURT, March 24 (Reuters) - Germany’s Commerzbank is paying its former chief executive and two former board members a total 7.6 million euros ($8.98 million) in a termination agreement following a management reshuffle last year.

Details of the packages, published in an annual report on Wednesday, come as the bank negotiates the exit of thousands of employees and closes hundreds of branches.

Germany’s No. 2 lender also said in its annual report that it expected to post a net loss in 2021 after a 2.9 billion loss for 2020.

Former Chief Executive Martin Zielke will be paid 3.3 million euros in 24 instalments this year and next. Former board members Michael Mandel and Roland Boekhout are each receiving 2.1 million euros in instalments.

Management is currently negotiating plans to cut 10,000 jobs at the bank.

Zielke’s successor, Manfred Knof, will have a fixed salary of 1.9 million euros, higher than Zielke’s fixed pay of 1.7 million euros.

Knof, who joined at the start of this year, is also entitled to bonuses and other compensation.

$1 = 0.8460 euros Reporting by Tom Sims and Elke Ahlswede; Editing by Maria Sheahan and Edmund Blair