Nope.
Back then bps stood for “bauds per second”.
Sorry, you've got it backwards.
The term "baud" was actually coined back in the day of telegraphy. I described the rate of data transmission, specifically the number of "pulses" (dots and dashes) per second.
Later is was used to describe digital data transfer, using analog devices, and referred to the speed that raw data could be transfered as bits. This was dependent on the limits of the analog telephone lines, and how many bit transitions per second the lines could reliably transmit. So, at least up to 1200 baud, that speed referred to 1200 bits per second - hence the term "baud rate" expressed as bits per second (it's been too many years for me to remember whether this extended to 2400). Later analog modems used different techniques including different data representation, framing, and data compression to increase the net data transfered, while the actual time divisions no longer increased, due to limitations of the analog telephone lines... Which is why you never saw advertisements for 9600, 14,400, or 19,200 "baud" modems: The speed was always described as "bits per second."
Mark