Unreal Engine 5: How to remove a material slot?

Double-click on your asset to open it in the ‘Asset Editor’ within Unreal Engine 5. On the right side of the screen, underneath the ‘Details’ panel, you’ll see your material slots. However, in this window, you’ll realize that there is no icon with slot removal functionality.

This is because the bin icon gets obscured due to how the default UI is adjusted on the screen. If you make this window just a little bit larger, you can see the previously obscured elements: