Updated from Tuesday, March 31Goldman Sachs ( GS) shares have come roaring back from their November lows, but the firm's image may have taken a hit after it suffered several setbacks in recent days. Three executives heading Goldman's quantitative investment and quantitative research divisions left the firm on Tuesday, according to several reports. And, as TheStreet.com reported Monday, Byron Trott, a vice chairman of Goldman's investment banking division and a favored banker to Berkshire Hathaway ( BRK-A) Chairman Warren Buffett, is leaving the firm. Other senior Goldman executives are also leaving, including former president and Co-COO Jon Winkleried. Goldman rivals like Morgan Stanley ( MS) also have lost key players of late, so the firm is not alone amid the upheaval in the executive ranks. That said, Goldman also recently fell out of its perennial top spot in several first-quarter rankings of M&A advisors. Still, the company does not seem overly concerned about the recent events. "The firm and our people understand the importance of the Goldman Sachs brand, and we work hard to protect and enhance it," said a Goldman spokeswoman. Most observers seem to think Goldman is on the rebound, even as they acknowledge the firm has taken its lumps. "Public perceptions were super high and so have come down -- particularly for specific individuals who are alumni -- but Goldman Sachs has actually gained in strength -- people additions and capital -- and the environment is much improved," says Charles Ellis, author of The Partnership, a history of Goldman that sees the company in a mostly favorable light. As TheStreet.com observed in December, a talent exodus from Goldman Sachs seemed like the greatest near-term threat to the company's dominance. But so far, at least, most observers say it is unlikely that a series of senior departures could seriously harm the institution.