Recently, superconductivity with a T_{c} up to 78K has been reported in bulk samples of the bilayer nickelate La_{3}Ni_{2}O_{7} at pressures above 14GPa. Important theoretical tasks are the formulation of relevant low-energy models and the clarification of the normal state properties. Here, we study the correlated electronic structure of the high-pressure phase in a four-orbital low-energy subspace using different many-body approaches: GW, dynamical mean field theory (DMFT), extended DMFT (EDMFT) and GW+EDMFT, with realistic frequency-dependent interaction parameters. The nonlocal correlation and screening effects captured by GW+EDMFT result in an instability toward the formation of charge stripes, with the 3d_{z^{2}} as the main active orbital. We also comment on the potential relevance of the rare-earth self-doping pocket, since hole doping suppresses the ordering tendency.