I just took a couple of minutes to figure out how baud translates to kbps. Turns out, it doesn't.
Back in The Day, 300 baud translated to 300 bits per second, but "as modem technology advanced, compression and other techniques were able to get higher bit per second transfer rates without a corresponding linear increase in state changes. Baud became an outdated term because it wasn’t able to accurately and proportionately express transfer rates, so bps became the standard."[0]
There is some more in-depth information about what "as modem technology advanced" means on Wikipedia[1]. Interesting stuff.
_____