Under the last-minute reshuffle, Fitschen cedes control of the division that is unwinding Deutsche Bank's unwanted assets to Stefan Krause, who orchestrated the bank's recent strategic review.
Jain has been made accountable for the bank's reorganisation and drive to cut an additional 4.7 billion euros in costs.
Nieding also said Deutsche's planned reorganisation, including a paring back of its investment bank and the sale of its Postbankretail unit, did not go far enough.
"Instead of a big bang that was expected ... you present to us a small bang with unclear goals and no vision."
Deutsche Bank's shares have fallen over 6 percent since the new strategy was unveiled, underperforming a 1 percent rise in the STOXX index of European banks during that period.
"I think that management changes offering a clean record and fresh ideas would be required before we see any meaningful re-rating in the share price," said Guy de Blonay, manager of the Jupiter Financials Fund.
"However, new management would require another capital increase and a significant clearing of the decks."
Read MoreIt's a dangerous summer for stocks: Deutsche Bank
Krause told the shareholders' meeting that the group had no current plans to raise additional equity capital.
Krause, due to hand his chief financial officer title to fellow board member Marcus Schenck, has also been put in charge of overseeing the growing transaction banking division, an important part of the group's new strategy.
The bank will also seek to make Krause the supervisory board chairman of Postbank unit which it aims to reform before selling the unit by the end of 2016.
Deutsche's retail banking boss, a senior executive in Asia and the head of the British business are all to leave the bank.
Rainer Neske will be replaced as head of retail by Christian Sewing, who is also responsible for legal matters.
Alan Cloete, the bank's co-chief executive officer of Asia Pacific, will also leave in the near future. Before running Asia, Cloete was global head of finance and foreign exchange operations, which was the business responsible for making price submissions that formed the basis for interest rate benchmarks such as Libor.
U.S. and British authorities fined Deutsche Bank a record $2.5 billion in April over allegations its traders tried to manipulate Libor.
Britain's Financial Conduct Authority said Deutsche Bank had repeatedly misled it during its inquiry. The head of the bank's UK operations, Colin Grassie, is leaving the bank.