The study of projects and programs, and their management, is seen as becoming an increasingly vibrant and pluralistic academic field, having transcended its pragmatic and functionalist roots. Drawing upon Burrell and Morgan's (1979) four paradigms of sociological research, we briefly review research that is set within each paradigm. This plurality of perspectives has informed and sensitized our analysis and sensemaking of a major business transformation program within a European retail bank. This article presents key findings and insights from our inductive research. The research adds to our knowledge and understanding of program‐based transformational change and depth, richness, and perspectives useful to practitioners.