SANTA CLARA — Intel has decided to slash well over 700 Bay Area jobs in July as the longtime chipmaker embarks on a restructuring it hopes will create a more nimble company.

A number of high-profile technology companies have announced job cuts this summer as the industry faces rapid change.

The cuts don’t come as a huge surprise. Intel previously said it would remove some layers of management after a Bloomberg report suggested the company would slash more than 20% of the workforce. Intel hasn’t confirmed the total numbers.